UOB plans doubling cross-border business lending

The lender has set up a Foreign Direct Investment Advisory unit to drive the increase in business.

United Overseas Bank Limited said it aims to double cross-border business lending within the next three years.

The FDI Advisory unit will provide a full range of services for midsized foreign companies expanding into Singapore and further into Asia.

Assistance will range from company incorporation, access to UOB’s full suite of corporate and personal banking products to borderless financial services through the bank’s regional network.

UOB said more than US$1.2 trillion was invested globally in the form of FDI in 2010. “This is expected to increase to US$1.9 trillion by 2013. Singapore has been an important beneficiary of this investment inflow, experiencing a 160 per cent FDI increase in 2010 to US$39 billion,” noted UOB.

The FDI Advisory sits within UOB’s Global Business Development Unit.