UOB

UOB: Giving further insights on the group’s strategy during its AGM yesterday, UOB’s CEO Mr Wee Ee Cheong, guided that the bank’s key focus will still be on organic growth, although the bank would be on the prowl for attractive acquisition targets. Yet, Mr Wee stressed that any acquisition must be the right price and fit, suggesting the bank’s unwillingness to ‘overpay’, while separately highlighting that UOB still has much leeway to grow organically given that its market share in markets they are present in remains relatively small. In regards to what could be a right fit for the bank, Mr Wee guided that the bank’s strength and focus remains Asean centric and would like to see if UOB could extend its whole footprint in the region, adding that while China and greater China presents new areas of opportunity, UOB’s dominance still lies in its own backyard. UOB expects a moderate environment for 2014, plagued by volatile markets on expectations of the Fed tapering. Yet, the bank guides that its overall risks are manageable due to stronger balance sheets in Asia.