SINGAPORE (June 20): United Overseas Bank (UOB) has signed a total of two Memoranda of Understanding (MOUs) with the Chinese Chamber of International Commerce (CCOIC), China’s national business association, as well as Qiangjian Group, the largest construction conglomerate in Shandong Province, China.

Both agreements were signed on Jun 18 in Qingdao, Shandong Province, China.

The move comes as part of the bank’s effort to deepen its support of Chinese companies expanding through the Belt and Road initiative, says UOB in a press release on Tuesday, as the two MOUs will help to facilitate Chinese business investment in Southeast Asia.

Under the first MOU, UOB and CCOIC will jointly help Chinese companies – such as those in the the infrastructure, new energy and information technology (IT) sectors – to tap the Belt and Road initiative and to expand into Southeast Asia.

Through the CCOIC-UOB collaboration, Chinese companies represented by the CCOIC can access the UOB’s suite of local and cross-border solutions, as well as ecosystem of strategic partners across the the bank’s Southeast Asian network.

Both parties will also facilitate UOB’s regional clients’ projects and business in China.

According to the bank, the MOU is an extension of its longstanding partnership with the China Council for the Promotion of International Trade (CCPIT), and also makes UOB the first and only bank in Southeast Asia to enter into MOUs with both CCPIT and CCOIC.

On the other hand, under the MOU with Qingjian Group, UOB will offer financial solutions such as project financing and capital markets advisory services to “explore deeper collaboration [with Qingjian Group] in the areas of cash management, cross-border trade and investment to boost bilateral cooperation”.

Through the group, UOB also intends to work with other Shandong-based companies seeking expansion into Southeast Asia, and help them realise their regional ambitions.

“China and Southeast Asia form one of the main trade and investment corridors of the Belt and Road initiative,” says Wee Ee Chong, deputy chairman and CEO of UOB.

“UOB, with deep roots and wide reach in Southeast Asia, is well placed to help Chinese companies understand the opportunities in local markets, develop their entry strategies and navigate the complexities of doing business in the region.”

Shares of UOB closed 0.73% lower at S$23.05 on Tuesday.