KUALA LUMPUR (Aug 14): United Overseas Bank (UOB), Southeast Asia’s third-largest bank by assets, is tapping into “megatrends” in the region, including supply chain diversification to fuel its own growth.

Megatrends are creating new growth avenues across Asean countries, including the digital revolution, the transition to net zero, and the rise of a middle class, UOB deputy chairman and chief executive officer Wee Ee Cheong said at UOB Corporate Day, themed “Building the future of Asean” on Wednesday.

“With these [megatrends], the region will be a dynamic playing field for the next big wave of development,” he said. “We are fully committed to our key markets in Asean, to grow together with the region.”

UOB’s assets totalled S$517 billion (RM1.7 trillion) at the end of June and the Singaporean bank has a global network of 500 branches and offices across 19 countries in Asia Pacific, Europe and North America, according to its website.

In Asia, the company operates through its banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam.

Wee also emphasised the bank’s readiness to capitalise on emerging opportunities within the region, driven by its strong balance sheet and diversified revenue drivers.

“As a leading regional bank, I am confident that UOB’s strong balance sheet and diversified revenue drivers will enable us to ride on these favourable megatrends to grow with the people and businesses across the region,” he said.  

The bank’s focus for the next few years will be to “leverage the product capabilities and systems built over the years, and to use them as springboards to propel UOB towards our next phase of growth,” he added.