United Overseas Bank Limited (UOB) have announced that it had helped more than 500 companies expand their business into Southeast Asia since the launch of its Foreign Direct Investment (FDI) Advisory Unit four years ago.
Recognising the need for a dedicated unit to serve customers with regional business ambitions, UOB has set up nine FDI Advisory Units across Asia. These units help customers to tap into UOB’s extensive banking networking, as well as access its full suite of corporate banking, commercial banking and personal banking products and solutions. Customers using the services of the FDI Advisory Unit have been drawn from the agriculture, chemical and petroleum, commodities, consumer products, natural resources and trading sectors.
According to the United Nations Trade and Development World Investment Report 2014, FDI into Southeast Asia has tripled from US$49 billion in 2009 to US$151 billion in 2014. This investment has been due largely to Southeast Asia’s rising intra-regional trade, growing middle class and increased demand for goods and services.
Mr Sam Cheong, Executive Director and Head of UOB’s Foreign Direct Investment Advisory Unit, said that there are huge investment opportunities for businesses looking to expand into Southeast Asia.
“Our customers tell us that they believe in the long term economic prosperity of the region. As a result, the demand for cross-border banking expertise in Southeast Asia has led to our FDI client base doubling in the last year. Customers see UOB’s Southeast Asian network and relationships with strategic partners in the legal profession, audit services, business consulting and key government agencies as a natural fit when facilitating their business and financial needs,” Mr Cheong said.
