Right by you: The UOB story

From humble beginnings to a regional leader in banking

In 1965, the renaming of United Overseas Bank (UOB) from United Chinese Bank (UCB) was coincided with the birth of the Republic of Singapore, declared by Mr Lee Kuan Yew, Singapore's first prime minister, on Aug 9, 1965. Over the decades, UOB's expansion and growth have paralleled Singapore's development.

When 2025 marks Singapore's 60th birthday, UOB is also celebrating the bank's 90th anniversary.  UOB traces its origins to 1935, when Sarawak-based entrepreneur Datuk Wee Kheng Chiang founded United Chinese Bank (UCB) in Singapore, based out of a single office on Bonham Street. Led by Datuk Wee and six Hokkien businessmen, the bank is focused on providing financing for local Chinese merchants and community. His entrepreneurial spirit, foresight and rags-to-riches story shaped the bank's early success and established the values that continue to define UOB today: being honorable, enterprising, united and committed.

UOB actively participated in Singapore's early industrialization journey, as Singapore grows, so did UOB. The Bank's journey from its humble beginnings to a regional leader in banking reflects Dr Wee Cho Yaw's belief rooted in perseverance and teamwork. Inspired by his father Datuk Wee Kheng Chiang, Dr Wee learned early the value of hard work, humility and having a sense of duty. As a visionary entrepreneur, he charted the pathway for the Bank to grow from a single branch in Singapore into a regional powerhouse through strategic acquisitions across ASEAN. Dr Wee's vision was clear, to foster a cohesive team within the Bank, united by the shared goal of creating long-term value for all stakeholders. UOB's expansion in the 1970s and 1980s under Dr Wee Cho Yaw positioned it as a leading Asian bank. By the late 1980s, UOB had cemented its global presence, ready to navigate evolving financial markets.

In January 2022, UOB acquired Citigroup's consumer banking businesses in Indonesia, Malaysia, Thailand and Vietnam, adding approximately 2.4 million customers and doubling the Bank's retail customer base across these markets. This expansion is key to UOB's ASEAN retail growth strategy – increasing scale and supporting its ambition to be the bank of choice for consumers and businesses in ASEAN.

With organic growth and merge and acquisitions, UOB has grown into one of the world's top banks with rating Aa1 by Moody's Investors Service and AA- by both S&P Global Ratings and Fitch Ratings. Today, UOB provides a full range of financial services by over 470 branches and offices in 19 countries and regions.

Connecting businesses between China and ASEAN

UOB has long supported businesses big and small, as we recognize their crucial role in regional economies. UOB first entered mainland China in 1984 to better facilitate its Singapore based clients' overseas business expansion. Over four decades, UOB witnesses the economic growth of the country and reaffirmed its commitment to China. Tap on UOB’s most extensive network, sector expertise and innovative solutions in ASEAN, the Bank is well positioned to help Chinese companies to connect with regional opportunities.

UOB Foreign Direct Investment Advisory (FDIA) Unit, established in 2011, supports companies expanding into Southeast Asia with 11 FDI Advisory Centers in China and across the region. Collaborating closely with government agencies and ecosystem partners in each market, it provides tailored market entry solutions for businesses as they expand their market reach. To date, UOB FDIA has supported 5,000 companies’ internationalization efforts, more than 1/3 is from China.

Moving forward, UOB is committed to achieving net zero by 2050, as we help drive a just transition that balances decarbonization with socioeconomic growth across ASEAN and beyond. Central to the Bank's net zero strategy is our support of clients in the decarbonization of their businesses and capturing opportunities from the net zero transition. The Bank offers sustainable finance through a comprehensive suite of sectoral frameworks and solutions, complemented by client engagement programs that provide advisory and solutions beyond banking. UOB also works closely with ecosystem and industry partners to catalyze collective action and change for global decarbonization.

Forging a sustainable future with customers and communities

Beyond financial performance, UOB is also steadfast in supporting art, children and education and doing right by the community through the UOB Heartbeat program.

In 1982, UOB launched the UOB Painting of the Year (POY) competition in Singapore to uncover and nurture artistic talent and raise art appreciation. The competition is one of Southeast Asia’s most recognized art competitions to date. In 2023, UOB China launched the inaugural UOB Art in Ink Awards in a campus edition. The Awards was enhanced in 2024, by introducing a new Emerging Artists Category and broadening the artwork mediums accepted.

As a founding partner of National Gallery Singapore, UOB established the UOB Southeast Asia Gallery. With more than 300 curated pieces exhibited from their 8,000 - strong collection, the expansive space houses the world's largest permanent display of modern Southeast Asian art. UOB is also the lead partner of Art Central in Hong Kong, Art Jakarta in Indonesia and FutureLab in Chinese mainland.

The annual UOB Heartbeat Run event, which was established in 2007, unites its employees, customers and communities regionally and promotes volunteerism and fundraising efforts. In 2024, the Singapore event promoted environmental responsibility through e - waste recycling drives and educational booths and workshops, while the event t - shirt and race medals were made from recycled material.

In 1995, the reopening of the two UOB Plaza buildings, presided over by Mr Lee Kuan Yew, Singapore's first prime minister, on 6 August 1995, coincided with the Bank's 60th anniversary, symbolizing its growth alongside Singapore's development and economic progress. The modern redesign reinforced UOB's commitment to innovation and excellence. Today, the two UOB Plaza buildings stand as a symbol of progress at the mouth of the Singapore River.  In 2025, to celebrate Singapore's 60th year of independence and the Bank's 90th anniversary, UOB Plaza 1 transforms into the world's tallest, brightest, and longest light projection mapping canvas. This showcase has earned three Guinness World Records titles: Largest Light Output in a Projected Image, Longest Architectural Projection-Mapped Display (Temporary) and the Highest Projection Image on a Building.

Guinness World Records presents the three certificates to Mr Wee Ee Cheong, deputy chairman and CEO of UOB  (second to the left) and representative from Hexogon Solution Pte Ltd.