With Thai government’s backing the lender will tap its regional network to bolster SMEs’ expansion.
United Overseas Bank (Thai) is keen to support Thai small and medium-sized enterprises looking to expand their businesses abroad through its strong regional network, says Tay Han Chong, managing director and head of business for personal finance services and commercial banking.
Thai businesses have been encouraged to tap into greater opportunities provided by the Asean Economic Community, which will take effect in 2015.
China and Asia-Pacific are the key focus of the Singapore-based UOB Group. The regional bank has 11 branches on the mainland, 46 in Malaysia, 216 in Indonesia and 150 branches in Thailand.
UOB has set up a global business unit overseeing international business requirements. One of its jobs is matching the needs of SME clients in the region, he said.
UOB (Thai), 99.66% owned by UOB Group, booked SME loan growth of 12% for the first half this year, with outstanding debt of 64 billion baht from 1,600 customers.
It expects it will be able to increase the loan portfolio to around 75 billion baht by the end of the year, representing annual growth of 20%.
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