Singapore’s big lenders tend to dominate banking for small and medium-sized enterprises in Asia, and this year is no exception, with UOB beating its domestic rivals to this award.
AfE 2024
UOB has long been a powerhouse in SME banking, delivering high-end services to corporates not just in Singapore but across southeast Asia. A key area of growth in recent years has been delivering a full range of services, from transaction banking to payments and treasury, to fast-growing mainland Chinese corporates with ambitions in the Association of southeast Asian Nations (Asean) region.
In 2023, UOB’s SME segment saw total income rise 17% year on year, with net profit up 13%, and its return on risk-weighted assets improve by 12%. Of clear benefit to the lender was its decision to buy Citi’s consumer operations in Indonesia, Malaysia, Thailand and Vietnam, acquiring in each of those markets the US bank’s local unsecured and secured lending portfolios, plus its wealth management and retail banking deposits.