MANILA, Philippines - Singapore-based United Overseas Bank Ltd. has opened its branch in the Philippines after getting the approval of the Bangko Sentral ng Pilipinas (BSP) as part of the government’s second wave of bank liberalization program.
The BSP approved in August last year the application of UOB to establish a branch with a commercial bank license in the Philippines.
The bank through UOB Philippines currently operates as a thrift bank offering a full range of thrift bank products and services to individuals and corporations.
UOB Philippines acquired a 60 percent stake in Westmont Bank in November 1999. UOB increased its ownership stake in UOB Philippines to 100 percent from 60 percent in July 2012.
Eventually, UOB Philippines converted from a commercial bank into a thrift bank in 2006 after it sold 66 branches to Banco De Oro Universal Bank now known as BDO Unibank of retail and banking magnate Henry Sy.
The bank was founded by Datuk Wee Kheng Chiang in 1935. The United Chinese Bank but was renamed UOB in 1965. The UOB Group has a network of more than 500 offices in 19 countries and territories in Asia Pacific, Western Europe, and North America.
UOB is the sixth foreign bank to be given the green light by the BSP to operate in the country. These banks are Sumitomo Mitsui of Japan, Shinhan Bank of South Korea, Cathay United of Taiwan, the Industrial Bank of Korea, and Yuanta Bank of Taiwan.