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UOB Facilitates Business Inflows Worth RM3.1 Billion Into Malaysia
Last update: 21/06/2017

KUALA LUMPUR, June 21 (Bernama) -- United Overseas Bank Ltd (UOB), the parent company of United Overseas Bank (Malaysia) Bhd (UOB Malaysia), has facilitated business inflows worth more than RM3.1 billion into Malaysia in the last 15 months.

In a statement today, the bank added that it also facilitated business flows worth more than S$43 billion (S$1=RM3.09) since 2011 from Chinese companies in the region, with the majority of these flows passing through Singapore before being re-invested in Southeast Asian markets.

And recently, in an effort to support the expansion of Chinese companies in the region, the bank signed two Memoranda of Understanding (MoUs) with the Chinese Chamber of International Commerce ( CCOIC ) and Qingjian Group Co., Ltd (Qingjian Group).

CCOIC is China's national business association, while Qingjian Group is the largest construction conglomerate in Shandong Province.

"Both MoUs will build on UOB's existing efforts at facilitating Chinese business investments in Southeast Asia," it said.

Under the first MoU, UOB and CCOIC will jointly assist Chinese companies, such as those in the infrastructure, new energy and information technology sectors, to tap the Belt and Road initiative and expand into Southeast Asia.

Meanwhile, under the MoU with Qingjian Group, UOB will act as the group's preferred banking partner in Southeast Asia, and offer financial solutions such as project financing and capital markets advisory services.

Both parties will explore deeper collaboration in the areas of cash management, cross-border trade and investment to boost bilateral cooperation.



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Source: Bank Negara Malaysia

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