United Overseas Bank (UOB) is set to establish a private wealth unit as part of its strategy to bolster its high net worth (HNW) client base across Asia.
The unit will focus on developing progressive products and services to cater to the needs of its HNW clients.
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The bank is looking tap a significant portion of Asian HNW clients piling up their wealth through their family business interests.
UOB said it is seeing an increased opportunity with its one-bank approach to serve the personal and corporate banking requirements of its clients.
UOB’s HNW segment is said to makes up for half of the bank’s wealth management fee income which it plans to double within five years.
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By GlobalDataThe bank hired Chew Yew as part of its growth plans.
Yew, who will join UOB in December, has over 20 years of experience in the financial services segment in Asia.
He has held several senior roles in fields that included strategy, risk management and wealth management. He was also a senior banking and insurance regulator for over five years.
Chew will report UOB Group Retail head Eddie Khoo.
Khoo said: “At UOB, as we focus on serving our clients better, we have been strengthening our people, product and platform capabilities across the entire wealth spectrum.
“With the depth of experience that Mun Yew brings to the table, we are well-positioned to accelerate our HNW business strategy and to enhance our offering to HNW clients across the region.”
Other developments
Last month, the asset management arm of UOB reported a surge in online corporate investing.
The number of users on its digital investment portal for corporate investors, UOBAM Invest, jumped 330% over the last 18 months for those in Singapore, Malaysia, and Thailand, UOB Asset Management (UOBAM) said.
In January this year, UOBAM concluded the acquisition of VAM Vietnam Fund Management Joint Stock Company.
