UOB (China)’s new Kunming Branch to help companies in Southwest China expand into Hong Kong and into Southeast Asia
United Overseas Bank (China) Limited (UOB (China)) officially opened its branch in Kunming, Yunnan. This is the Bank’s 17th branch in China and its third in West China. In setting up this branch, UOB (China) will tap UOB Group’s regional network to help Chinese companies in Southwest China expand into Hong Kong and into Southeast Asia.
Mr Peter Foo, President and Chief Executive Officer of UOB (China), said, “We have been building our branch network in China since UOB (China)’s incorporation a decade ago. As we step up our support of the development and progress of West China, we believe the UOB (China) Kunming Branch is well positioned to complement our operations in Chengdu and Chongqing. The Branch will focus on helping Southwest China’s businesses with their cross-border expansion plans through onshore and offshore solutions in areas such as cash management, foreign exchange hedging, term loans, and project and supply chain financing.”
Yunnan is a strategic node of China’s Belt and Road initiative (BRI) and has recorded strong trade and investment flows, especially from Hong Kong and Southeast Asian countries. In the first half of 2017, the trade volume between Yunnan and Southeast Asia alone was RMB39.84 billion, accounting for 63.1 per cent of the province’s total trade flow.
Key sectors driving trade and investment are energy, agriculture, mining, transportation and logistics. UOB (China)’s dedicated sector solutions teams will work together with the Branch to help companies in these sectors in their growth plans.
Mrs Christine Ip, Chief Executive Officer of UOB Greater China, said the Bank also recognises the strategic importance of Hong Kong as a base from which Yunnan companies can expand abroad.
“Hong Kong is not only one of the largest sources of foreign investment into Yunnan, but also a regional springboard for local companies going global. With the addition of UOB (China) Kunming Branch to our broader regional network, we are enabling clients in Southwest China to access our seamless cross-border financial solutions offered in Greater China and across Asia,” Mrs Ip said.
To help businesses minimise cross-border financing costs and risks, UOB (China) Kunming Branch plans to offer direct clearing services between the Renminbi (RMB) and Thai baht