Bank Indonesia approved the merger of PT Bank UOB Indonesia into PT Bank UOB Buana. PT Bank UOB Buana became the surviving entity and PT Bank UOB Indonesia was dissolved by the operation of law.
UOB and Prudential Corporation Asia (Prudential) announced an alliance to grow their bancassurance business in Asia. In conjunction with the bancassurance alliance, UOB will sell its subsidiary, UOB Life Assurance Limited (UOB Life), to Prudential for a total consideration of S$428 million.
In China, UOB opened a branch in Tianjin and a sub-branch in Beijing. To date, UOB (China)’s network comprises 10 branches and sub-branches in Beijing, Shanghai, Guangzhou, Shenzhen, Xiamen, Chengdu, Shenyang and Tianjin.
UOB Mumbai Branch, UOB’s maiden branch in India, commenced business on 29 December 2009.
In Singapore, UOB LITE, the latest addition to UOB’s network of branches, offered an alternative banking outlet for busy executives who have difficulty attending to their banking needs during office hours.
UOB completed its core product line-up with the launched of UOB PRVI American Express® Card. Under its stable of card brands, the Bank has American Express, CUP, JCB, MasterCard and Visa.
UOB launched the Chinese Yuan Cross-Border Trade Settlement Service in Singapore and Malaysia with Chinese Yuan account services offering.
UOB and China Unionpay ("CUP") signed a landmark agreement to allow millions of Chinese visitors and tourists to use their CUP credit and debit cards to make purchases at participating merchants. This is a first for any Singapore-headquartered bank.
United Overseas Bank (China) Limited was incorporated in December 2007 and commenced business in January 2008. It obtained the licence to provide Renminbi banking services to Chinese citizens.
In China, UOB acquired a 15% stake in Evergrowing Bank Co., Ltd.
In Vietnam, UOB increased its interest in The Southern Commercial Joint Stock Bank from 10% to 15%.
UOB increased its stake in UOB Buana to almost 99% and de-listed it.
UOB broke new ground in Vietnam by becoming the first foreign bank to be part of a domestic card network. UOB sealed the agreement to be a member of the Vietnam Bank Card (VNBC) network.
UOB increased its shareholding in PT Bank Buana from 23% to a controlling stake of 53% in October 2005, followed by a further increase to 61.1% as at end of 2005 after a mandatory tender offer.
UOB completed the integration of its two Thai banking subsidiaries, Bank of Asia and UOB Radanasin Bank, and established United Overseas Bank (Thai).
UOB converted its subsidiary, United Overseas Bank Philippines, into a thrift bank.
Sarawak-born Datuk Wee Kheng Chiang, founded the United Chinese Bank (UCB) together with six other Chinese businessmen. UCB's paid-up capital was a modest Straits $1 million.
