This is an accepted version of this page
71-580: UOB or UoB is the acronymic abbreviation for: United Overseas Bank , a Singaporean multinational investment bank and financial services company University of Baghdad University of Bahrain University of Balamand University of Bath University of Balochistan University of Bedfordshire University of Birmingham University of Bolton University of Bradford University of Brighton University of Bristol Urwego Opportunity Bank ,
142-511: A 60% stake in a local bank, Westmont Bank and the bank was renamed UOB Philippines. In July 2002, UOB increased it stake to 100%, resulting in UOB Philippines becoming a wholly owned subsidiary of the banking group. In 2006, UOB Philippines's 66 bank branches were sold to Banco De Oro Universal Bank and the bank ceased to be a commercial bank, with its license converted into a thrift bank license. In August 2015, Bangko Sentral ng Pilipinas ,
213-654: A branch in Seoul. UOB merged Radanasin Bank with Bank of Asia in 2005 with 154 branches across Thailand. UOB is the first Singapore bank to set up office in Vietnam in 1992. On 20 July 2017, UOB obtained an in-principle foreign-owned subsidiary bank (FOSB) licence from the State Bank of Vietnam to expand its branch network in Vietnam. In March 2023, UOB announced completion of the acquisition of Citigroup's consumer banking business, including
284-453: A claim arises on the occurrence of a specified event). There are generally three types of insurance contracts that seek to indemnify an insured: From an insured's standpoint, the result is usually the same: the insurer pays the loss and claims expenses. If the Insured has a "reimbursement" policy, the insured can be required to pay for a loss and then be "reimbursed" by the insurance carrier for
355-448: A claim. Adjusting liability-insurance claims is particularly difficult because they involve a third party, the plaintiff , who is under no contractual obligation to cooperate with the insurer and may in fact regard the insurer as a deep pocket . The adjuster must obtain legal counsel for the insured—either inside ("house") counsel or outside ("panel") counsel, monitor litigation that may take years to complete, and appear in person or over
426-533: A claims adjuster. A mandatory out-of-pocket expense required by an insurance policy before an insurer will pay a claim is called a deductible (or if required by a health insurance policy, a copayment ). The insurer may hedge its own risk by taking out reinsurance , whereby another insurance company agrees to carry some of the risks, especially if the primary insurer deems the risk too large for it to carry. Methods for transferring or distributing risk were practiced by Chinese and Indian traders as long ago as
497-601: A combined ratio over 100% may nevertheless remain profitable due to investment earnings. Insurance companies earn investment profits on "float". Float, or available reserve, is the amount of money on hand at any given moment that an insurer has collected in insurance premiums but has not paid out in claims. Insurers start investing insurance premiums as soon as they are collected and continue to earn interest or other income on them until claims are paid out. The Association of British Insurers (grouping together 400 insurance companies and 94% of UK insurance services) has almost 20% of
568-455: A company insures an individual entity, there are basic legal requirements and regulations. Several commonly cited legal principles of insurance include: To "indemnify" means to make whole again, or to be reinstated to the position that one was in, to the extent possible, prior to the happening of a specified event or peril. Accordingly, life insurance is generally not considered to be indemnity insurance, but rather "contingent" insurance (i.e.,
639-802: A deal worth S$ 10 billion. In 2002, UOB started expanding into the Chinese market by opening a new full-service branch office in Shanghai and upgrading of its Beijing office to a full-service branch. On 16 January 2019, UOB was listed in the Bloomberg Gender-Equality Index (GEI) for the first time in recognition of gender equality . On 14 January 2022, UOB purchased Citigroup 's consumer banking franchise in Indonesia, Malaysia, Thailand and Vietnam for about S$ 5 billion. The ten largest shareholders as of 1 March 2017 are: * Percentage
710-610: A merchant bank in 1986 to emphasize trade and financing between Australia and Asia. The bank now has offices in Melbourne and Brisbane , in addition to the branch in Sydney and currently offers merchant bank services comprising current accounts, deposits, lending, asset finance, trade finance, structured finance, cash management, and cross-border payments. UOB's operations in Brunei started in 1974, under Overseas Union Bank (OUB). When UOB acquired
781-513: A microfinance bank in Rwanda Topics referred to by the same term [REDACTED] This disambiguation page lists articles associated with the title UOB . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=UOB&oldid=1044866937 " Category : Disambiguation pages Hidden categories: Short description
SECTION 10
#1732863258990852-413: A minimum, the following elements: identification of participating parties (the insurer, the insured, the beneficiaries), the premium, the period of coverage, the particular loss event covered, the amount of coverage (i.e., the amount to be paid to the insured or beneficiary in the event of a loss), and exclusions (events not covered). An insured is thus said to be " indemnified " against the loss covered in
923-453: A more active role in loss mitigation, such as through building codes . According to the study books of The Chartered Insurance Institute, there are variant methods of insurance as follows: Insurers may use the subscription business model , collecting premium payments periodically in return for on-going and/or compounding benefits offered to policyholders. Insurers' business model aims to collect more in premium and investment income than
994-537: A network of more than 500 offices in 19 countries and territories in Asia Pacific , Western Europe and North America. On 6 August 1935, Sarawak-born businessman Wee Kheng Chiang, together with six other partners, established the bank with a paid-up capital of S$ 1 million. The bank was originally incorporated as United Chinese Bank (UCB) and served the mainly Hokkien Chinese community in Singapore. Wee, being
1065-622: A premium paid independently of loans began in Belgium about 1300 AD. Separate insurance contracts (i.e., insurance policies not bundled with loans or other kinds of contracts) were invented in Genoa in the 14th century, as were insurance pools backed by pledges of landed estates. The first known insurance contract dates from Genoa in 1347. In the next century, maritime insurance developed widely, and premiums were varied with risks. These new insurance contracts allowed insurance to be separated from investment,
1136-697: A relatively few claimants – and for overhead costs. So long as an insurer maintains adequate funds set aside for anticipated losses (called reserves), the remaining margin is an insurer's profit . Policies typically include a number of exclusions, for example: Insurers may prohibit certain activities which are considered dangerous and therefore excluded from coverage. One system for classifying activities according to whether they are authorised by insurers refers to "green light" approved activities and events, "yellow light" activities and events which require insurer consultation and/or waivers of liability, and "red light" activities and events which are prohibited and outside
1207-539: A separation of roles that first proved useful in marine insurance . The earliest known policy of life insurance was made in the Royal Exchange, London , on 18 June 1583, for £383, 6s. 8d. for twelve months on the life of William Gibbons. Insurance became far more sophisticated in Enlightenment-era Europe , where specialized varieties developed. Property insurance as we know it today can be traced to
1278-469: A ship or cargo, to be repaid with large interest if the voyage prospers. However, the money would not be repaid at all if the ship were lost, thus making the rate of interest high enough to pay for not only for the use of the capital but also for the risk of losing it (fully described by Demosthenes ). Loans of this character have ever since been common in maritime lands under the name of bottomry and respondentia bonds. The direct insurance of sea-risks for
1349-399: A staff of records management and data entry clerks . Incoming claims are classified based on severity and are assigned to adjusters, whose settlement authority varies with their knowledge and experience. An adjuster undertakes an investigation of each claim, usually in close cooperation with the insured, determines if coverage is available under the terms of the insurance contract (and if so,
1420-624: A tradition of welfare programs in Prussia and Saxony that began as early as in the 1840s. In the 1880s Chancellor Otto von Bismarck introduced old age pensions, accident insurance and medical care that formed the basis for Germany's welfare state . In Britain more extensive legislation was introduced by the Liberal government in the National Insurance Act 1911 . This gave the British working classes
1491-572: A univariate analysis could produce confounded results. Other statistical methods may be used in assessing the probability of future losses. Upon termination of a given policy, the amount of premium collected minus the amount paid out in claims is the insurer's underwriting profit on that policy. Underwriting performance is measured by something called the "combined ratio", which is the ratio of expenses/losses to premiums. A combined ratio of less than 100% indicates an underwriting profit, while anything over 100 indicates an underwriting loss. A company with
SECTION 20
#17328632589901562-619: Is calculated based on the total number of issued ordinary shares, excluding treasury shares. UOB has branches and offices located across Asia Pacific, North America and Western Europe, with most of their operations located in Southeast Asian countries such as Brunei , Malaysia , Indonesia , Myanmar , Philippines , Thailand and Vietnam . Headquartered in the UOB Building in Sydney, UOB Australia opened its first branch in MLC Centre as
1633-566: Is different from Wikidata All article disambiguation pages All disambiguation pages United Overseas Bank United Overseas Bank Limited ( simplified Chinese : 大华银行有限公司 ; traditional Chinese : 大華銀行有限公司 ; pinyin : Dàhuá Yínháng Yǒuxìan Gōngsī ; Pe̍h-ōe-jī : Tāi-hôa Gûn-hâng Iú-hān Kong-si ), often known as UOB , is a Singaporean regional bank headquartered at Raffles Place , Singapore, with branches mostly found in Southeast Asia countries. It
1704-403: Is known as an insurer , insurance company , insurance carrier , or underwriter . A person or entity who buys insurance is known as a policyholder , while a person or entity covered under the policy is called an insured . The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for
1775-525: Is one of the three "big local banks" in the country, the other two being DBS Bank and Oversea-Chinese Banking Corporation (OCBC). First Founded during the Great Depression in 1935 as United Chinese Bank (UCB) by a group of Hoklo businessmen including Sarawak -born Wee Kheng Chiang , the bank operated from a single branch bank in rented premises of Bonham Building, located in Boat Quay , close to
1846-409: Is paid out in losses, and to also offer a competitive price which consumers will accept. Profit can be reduced to a simple equation: Insurers make money in two ways: The most complicated aspect of insuring is the actuarial science of ratemaking (price-setting) of policies, which uses statistics and probability to approximate the rate of future claims based on a given risk. After producing rates,
1917-426: Is the materialized utility of insurance; it is the actual "product" paid for. Claims may be filed by insureds directly with the insurer or through brokers or agents . The insurer may require that the claim be filed on its own proprietary forms, or may accept claims on a standard industry form, such as those produced by ACORD . Insurance-company claims departments employ a large number of claims adjusters, supported by
1988-411: The 3rd and 2nd millennia BC, respectively. Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel capsizing. Codex Hammurabi Law 238 (c. 1755–1750 BC) stipulated that a sea captain , ship-manager , or ship charterer that saved a ship from total loss was only required to pay one-half the value of
2059-657: The Great Fire of London , which in 1666 devoured more than 13,000 houses. The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren 's inclusion of a site for "the Insurance Office" in his new plan for London in 1667." A number of attempted fire insurance schemes came to nothing, but in 1681, economist Nicholas Barbon and eleven associates established
2130-490: The Monetary Authority of Singapore (MAS) fined UOB a total of S$ 900,000 for several breaches of anti- money laundering rules and control lapses in transactions related to Malaysia ’s scandal-ridden sovereign wealth fund 1Malaysia Development Berhad (1MDB). These include weaknesses in conducting due diligence on customers and inadequate scrutiny of customers’ transactions and activities. On 1 October 2019, UOB
2201-701: The Phoenicians during the proposed Dorian invasion and emergence of the purported Sea Peoples during the Greek Dark Ages (c. 1100–c. 750). The law of general average is the fundamental principle that underlies all insurance. In 1816, an archeological excavation in Minya, Egypt produced a Nerva–Antonine dynasty -era tablet from the ruins of the Temple of Antinous in Antinoöpolis , Aegyptus . The tablet prescribed
UOB - Misplaced Pages Continue
2272-582: The Singapore River . It was principally engaged in short-term loans to a segment of local businessmen, to be precise, Hokkien Chinese businessmen in Singapore. UOB is the third largest bank in Southeast Asia by total assets. The bank provides personal financial services, commercial banking , private banking and asset management services, as well as corporate finance , venture capital and insurance services. It has 68 branches in Singapore and
2343-562: The Institute of Actuaries . His article detailed an historical account of a Severan dynasty -era life table compiled by the Roman jurist Ulpian in approximately 220 AD that was also included in the Digesta . Concepts of insurance has been also found in 3rd century BC Hindu scriptures such as Dharmasastra , Arthashastra and Manusmriti . The ancient Greeks had marine loans. Money was advanced on
2414-577: The Overseas Union Bank in January 2002, the operations of the branches in Brunei was handed over to UOB. On 1 October 2005, the bank relocated its branch office in Bandar Seri Begawan . In 2015, UOB sold its retail banking business to Baiduri Bank Berhad for S$ 65.044 million. The bank currently provides a full range of commercial and corporate banking services through the branch located in
2485-715: The bank offers commercial banking and treasury services, such as deposits taking, loans to small and medium enterprises, and foreign exchange transactions. The company also offers various fee-based services, such as purchase and sale of travellers cheques and banknotes. It has a network of 41 branches, 172 sub-branches and 173 ATMs located across 30 cities in Indonesia. Founded in December 1972, UOB Japan offers wholesale services including corporate banking, debt securities investments, treasury, trade finance, current accounts and banknotes trading. UOB has 1 branch in Tokyo. Operations of OUB in Tokyo
2556-574: The branch mainly focusing on trade financing and corporate banking. The bank currently has 2 branches offering commercial and corporate banking services. In December 2009, UOB opened its first branch in Mumbai , offering retail and wholesale banking services, including lending, treasury and trade finance products, to corporates, financial institutions and consumers. UOB Indonesia was founded on 31 August 1956 as PT Bank Buana Indonesia. Headquartered in Jakarta ,
2627-632: The central bank of the Philippines, approved the bank's application for a commercial bank license, and in the following year UOB Philippines opened its first commercial branch in Manila , being the 6th foreign bank in the Philippines to receive the license. In 1983, UOB opened its first representative office in Seoul and in 1998, the bank has a total of S$ 81 million assets in South Korea. The bank currently operates
2698-479: The coming months, in a push to cater to millennials who mainly use mobile phones for banking. UOB aims to attract three to five million users for this service in the next five years. The service launched in March that year. On 3 August 2020, UOB launched TMRW in Indonesia after alluding to it earlier on 21 February. Subsequently on 28 September 2021, UOB announced a $ 500 million boost in digital banking investments over
2769-418: The conditions and circumstances under which the insurer will compensate the insured, or their designated beneficiary or assignee. The amount of money charged by the insurer to the policyholder for the coverage set forth in the insurance policy is called the premium . If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by
2840-823: The country. It also operates UOB Asset Management in Brunei, which offers investment management expertise to individuals, institutions and corporations. Operations in mainland China first started in 1984, with a representative office in Beijing. Incorporated on 18 December 2007 as UOB (China) and headquartered in Shanghai, UOB has 17 branches and sub-branches strategically located in major cities such as Shenyang , Shanghai, Beijing , Shenzhen , Tianjin , Xiamen , Hangzhou , Chengdu , Guangzhou , Suzhou and Chongqing offering retail and wholesale banking services. UOB opened its first overseas branch in British Hong Kong in 1965, with
2911-446: The demand for marine insurance . In the late 1680s, Edward Lloyd opened a coffee house , which became the meeting place for parties in the shipping industry wishing to insure cargoes and ships, including those willing to underwrite such ventures. These informal beginnings led to the establishment of the insurance market Lloyd's of London and several related shipping and insurance businesses. Life insurance policies were taken out in
UOB - Misplaced Pages Continue
2982-774: The early 18th century. The first company to offer life insurance was the Amicable Society for a Perpetual Assurance Office , founded in London in 1706 by William Talbot and Sir Thomas Allen . Upon the same principle, Edward Rowe Mores established the Society for Equitable Assurances on Lives and Survivorship in 1762. It was the world's first mutual insurer and it pioneered age based premiums based on mortality rate laying "the framework for scientific insurance practice and development" and "the basis of modern life assurance upon which all life assurance schemes were subsequently based." In
3053-671: The event of general average. In 1873 the "Association for the Reform and Codification of the Law of Nations", the forerunner of the International Law Association (ILA), was founded in Brussels. It published the first YAR in 1890, before switching to the present title of the "International Law Association" in 1895. By the late 19th century governments began to initiate national insurance programs against sickness and old age. Germany built on
3124-517: The financing of terrorism requirements listed by the Monetary Authority of Singapore (MAS). Insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management , primarily used to protect against the risk of a contingent or uncertain loss. An entity which provides insurance
3195-673: The first contributory system of insurance against illness and unemployment. This system was greatly expanded after the Second World War under the influence of the Beveridge Report , to form the first modern welfare state . In 2008, the International Network of Insurance Associations (INIA), then an informal network, became active and it has been succeeded by the Global Federation of Insurance Associations (GFIA), which
3266-465: The first fire insurance company, the "Insurance Office for Houses", at the back of the Royal Exchange to insure brick and frame homes. Initially, 5,000 homes were insured by his Insurance Office. At the same time, the first insurance schemes for the underwriting of business ventures became available. By the end of the seventeenth century, London's growth as a centre for trade was increasing due to
3337-419: The float method is difficult to carry out in an economically depressed period. Bear markets do cause insurers to shift away from investments and to toughen up their underwriting standards, so a poor economy generally means high insurance-premiums. This tendency to swing between profitable and unprofitable periods over time is commonly known as the underwriting, or insurance, cycle . Claims and loss handling
3408-447: The insurance carrier can generally either "reimburse" or "pay on behalf of", whichever is more beneficial to it and the insured in the claim handling process. An entity seeking to transfer risk (an individual, corporation, or association of any type, etc.) becomes the "insured" party once risk is assumed by an "insurer", the insuring party, by means of a contract , called an insurance policy . Generally, an insurance contract includes, at
3479-774: The insurance company. Insurance scholars have typically used moral hazard to refer to the increased loss due to unintentional carelessness and insurance fraud to refer to increased risk due to intentional carelessness or indifference. Insurers attempt to address carelessness through inspections, policy provisions requiring certain types of maintenance, and possible discounts for loss mitigation efforts. While in theory insurers could encourage investment in loss reduction, some commentators have argued that in practice insurers had historically not aggressively pursued loss control measures—particularly to prevent disaster losses such as hurricanes—because of concerns over rate reductions and legal battles. However, since about 1996 insurers have begun to take
3550-409: The insurer will use discretion to reject or accept risks through the underwriting process. At the most basic level, initial rate-making involves looking at the frequency and severity of insured perils and the expected average payout resulting from these perils. Thereafter an insurance company will collect historical loss-data, bring the loss data to present value , and compare these prior losses to
3621-404: The insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship. The insured receives a contract , called the insurance policy , which details
SECTION 50
#17328632589903692-526: The investments in the London Stock Exchange . In 2007, U.S. industry profits from float totaled $ 58 billion. In a 2009 letter to investors, Warren Buffett wrote, "we were paid $ 2.8 billion to hold our float in 2008". In the United States , the underwriting loss of property and casualty insurance companies was $ 142.3 billion in the five years ending 2003. But overall profit for the same period
3763-539: The largest shareholder, became its first chairman. In October 1935, UCB opened for business in the three-story Bonham Building. On 23 January 1965, UCB changed its name to United Overseas Bank (Chinese name unchanged) to avoid duplication with another United Chinese Bank in Hong Kong ( simplified Chinese : 中国联合银行 ; traditional Chinese : 中國聯合銀行 ), and opened its first overseas branch in Hong Kong. In 1970, UOB
3834-593: The late 19th century "accident insurance" began to become available. The first company to offer accident insurance was the Railway Passengers Assurance Company, formed in 1848 in England to insure against the rising number of fatalities on the nascent railway system. The first international insurance rule was the York Antwerp Rules (YAR) for the distribution of costs between ship and cargo in
3905-443: The loss and out of pocket costs including, with the permission of the insurer, claim expenses. Under a "pay on behalf" policy, the insurance carrier would defend and pay a claim on behalf of the insured who would not be out of pocket for anything. Most modern liability insurance is written on the basis of "pay on behalf" language, which enables the insurance carrier to manage and control the claim. Under an "indemnification" policy,
3976-612: The losses that only some insureds may incur. The insured entities are therefore protected from risk for a fee, with the fee being dependent upon the frequency and severity of the event occurring. In order to be an insurable risk , the risk insured against must meet certain characteristics. Insurance as a financial intermediary is a commercial enterprise and a major part of the financial services industry, but individual entities can also self-insure through saving money for possible future losses. Risk which can be insured by private companies typically share seven common characteristics: When
4047-545: The next five years to double its digital customers to seven million by 2026 and expand digital offerings in Singapore and ASEAN. This will include combining UOB Mighty app with the TMRW app to form the UOB TMRW app, which will be launched in Singapore by the fourth quarter of 2021. The app was first given to UOB employees as a pilot. In addition, digital banking services will be unified in countries like Malaysia and Vietnam. In May 2017,
4118-414: The policy. When insured parties experience a loss for a specified peril, the coverage entitles the policyholder to make a claim against the insurer for the covered amount of loss as specified by the policy. The fee paid by the insured to the insurer for assuming the risk is called the premium. Insurance premiums from many insureds are used to fund accounts reserved for later payment of claims – in theory for
4189-406: The premium collected in order to assess rate adequacy. Loss ratios and expense loads are also used. Rating for different risk characteristics involves—at the most basic level—comparing the losses with "loss relativities"—a policy with twice as many losses would, therefore, be charged twice as much. More complex multivariate analyses are sometimes used when multiple characteristics are involved and
4260-404: The reasonable monetary value of the claim), and authorizes payment. Policyholders may hire their own public adjusters to negotiate settlements with the insurance company on their behalf. For policies that are complicated, where claims may be complex, the insured may take out a separate insurance-policy add-on, called loss-recovery insurance, which covers the cost of a public adjuster in the case of
4331-637: The rules and membership dues of a burial society collegium established in Lanuvium , Italia in approximately 133 AD during the reign of Hadrian (117–138) of the Roman Empire . In 1851 AD, future U.S. Supreme Court Associate Justice Joseph P. Bradley (1870–1892 AD), once employed as an actuary for the Mutual Benefit Life Insurance Company , submitted an article to the Journal of
SECTION 60
#17328632589904402-456: The scope of insurance cover. Insurance can have various effects on society through the way that it changes who bears the cost of losses and damage. On one hand it can increase fraud; on the other it can help societies and individuals prepare for catastrophes and mitigate the effects of catastrophes on both households and societies. Insurance can influence the probability of losses through moral hazard , insurance fraud , and preventive steps by
4473-531: The ship to the ship-owner . In the Digesta seu Pandectae (533), the second volume of the codification of laws ordered by Justinian I (527–565), a legal opinion written by the Roman jurist Paulus in 235 AD was included about the Lex Rhodia ("Rhodian law"). It articulates the general average principle of marine insurance established on the island of Rhodes in approximately 1000 to 800 BC, plausibly by
4544-556: The transfer of 575 Citigroup's employees in Vietnam. UOB is represented in the US by two agencies located in Los Angeles and New York. Both agencies provide services such as syndicated loan participations, corporate/commercial loans, asset swaps and deposits. United Overseas Bank (Canada) was originally established in 1986 as a Schedule II wholly-owned subsidiary of United Overseas Bank Limited, in Singapore. In 2002, United Overseas Bank (Canada)
4615-452: Was $ 68.4 billion, as the result of float. Some insurance-industry insiders, most notably Hank Greenberg , do not believe that it is possible to sustain a profit from float forever without an underwriting profit as well, but this opinion is not universally held. Reliance on float for profit has led some industry experts to call insurance companies "investment companies that raise the money for their investments by selling insurance". Naturally,
4686-1036: Was also integrated in 2002 when UOB acquired the bank in 2002. Incorporated in 1993, UOB Malaysia was integrated with Lee Wah Bank in 1994 to operate as a single entity. Lee Wah Bank was founded in 1920 in Singapore, with its first Malaysian branch opened in 1956. In 1973, Lee Wah Bank became a wholly owned subsidiary of UOB and was merged with UOB Malaysia in 1994. In 1997, UOB Malaysia merged with Chung Khiaw Bank (Malaysia) before merging with OUB Malaysia in 2002 to centralise its operations in Malaysia. The bank offers commercial and personal financial services: deposits, unit trusts, UOB Bancassurance, privilege banking, e-banking, commercial lending, investment banking, treasury services, trade services, home loans, debit and credit cards, wealth management, structured investment, general insurance and life insurance. UOB opened its Yangon branch in Myanmar on 4 May 2015. In November 1999, UOB bought
4757-513: Was converted to a Full Service Foreign Bank Branch (Schedule III), operating under the name United Overseas Bank Limited, in Vancouver, British Columbia. All subsidiaries are headquartered in UOB Plaza , Singapore On 14 February 2019, UOB announced that it will launch TMRW (the first mobile-only bank ) with Thailand the first country to get this service. More ASEAN countries will get this service in
4828-580: Was fined INR₹ 10 million by the Reserve Bank of India (RBI) for compliance failures based on deficiencies in regulatory compliance . On 31 August 2022, the stockbroking arm of UOB – UOB Kay Hian Private Limited which is an associate company of UOB, was fined S$ 375,000 for failing to comply with business conduct requirements under the Securities and Futures (Licensing and Conduct of Business) Regulations, as well as anti-money laundering and countering
4899-492: Was formally founded in 2012 to aim to increase insurance industry effectiveness in providing input to international regulatory bodies and to contribute more effectively to the international dialogue on issues of common interest. It consists of its 40 member associations and 1 observer association in 67 countries, which companies account for around 89% of total insurance premiums worldwide. Insurance involves pooling funds from many insured entities (known as exposures) to pay for
4970-654: Was launched in January 1972. In 1973, UOB acquired Lee Wah Bank, which provided services in Malaysia and Singapore. In that same year, the bank built a new 30-storey office tower in place of the Bonham Building, which was named the UOB Building (now known as UOB Plaza Two ). The company continued with acquisitions, with Far Eastern Bank in 1984, Westmont Bank (now known as UOB Philippines) and Radanasin Bank (now known as United Overseas Bank (Thai) Public Company Limited) in 1999. In September 2001, UOB acquired Overseas Union Bank, then Singapore's fourth largest local bank, in
5041-536: Was listed on the Joint Stock Exchange of Singapore and Malaysia . At the time, the stock exchange had an office in both Singapore and Kuala Lumpur . After it was publicly listed, the bank went through a series of targeted acquisitions. The bank first acquired the controlling stake of Chung Khiaw Bank in 1971, which expanded its domestic presence and also gave the bank offices in Malaysia and Hong Kong. A new logo for both United Overseas Bank and Chung Khiaw Bank
#989010