United Overseas Bank
Posted: Mon Jun 09, 2008 11:53 pmUOB Bank actually got recommended over CNBC on 9 Jun 08 at 1150pm(sgp time)....wow...
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United Overseas Bank
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Posted: Mon Jun 09, 2008 11:53 pmRe: UOB
Posted: Tue Jun 10, 2008 6:43 pmAnything below $18 is a good buy great buy must buy for UOB!
Re: UOB
Posted: Tue Jun 10, 2008 6:46 pmthe great singapore sale is going to start....hahaha
Lvdr : welcome to Huatopedia....where everyday is a HUat HUat Day....!!!
Lvdr : welcome to Huatopedia....where everyday is a HUat HUat Day....!!!
Re: UOB
Posted: Fri Jun 13, 2008 11:10 amPublished June 13, 2008
UOB, Ping An to set up fund mgt venture: report
UOB says tie-up with Ping An Securities pending regulatory approval
PING An Insurance (Group) Co of China Ltd, China's second largest life insurer, has won approval to set up a fund management joint venture with United Overseas Bank (UOB), two people with direct knowledge of the situation told Reuters yesterday.
However, Singapore-based UOB clarified last night that 'an application for regulatory approval has been submitted for UOB to set up with Ping An Securities Company Limited a 25:75 joint-venture company to carry out fund management business' in China. Ping An Securities is part of the Ping An Insurance (Group)
UOB added that 'such regulatory approval is still pending'.
According to Reuters, the move came after Ping An failed early last year to buy control of domestic fund house Jutian, in which Morgan Stanley and its local partner China Fortune Securities won Beijing's nod to invest in and restructure last month.
The joint venture, to be controlled by Ping An Securities, the brokerage arm of the Ping An group, will be based in Shenzhen, and UOB, Singapore's second-biggest bank by assets, will have the right to appoint some key positions in the new firm, the sources told Reuters.
The negotiations between Ping An Securities and UOB Asset Management were held for nearly a year before they reached an agreement early this year, the sources said.
Ping An, also based in Shenzhen, has begun to hire staff for many areas including marketing, auditing and risk management for the new firm, as part of its preparations to launch the fund venture, said the sources, who asked not to be named because they are not authorised to speak to the media.
'The regulator has given Ping An the nod to prepare for launching the firm. Once completed, it will have to seek a final approval from the regulator again to officially announce the launch of the firm,' said one of the sources.
'But they should have no problem to get final approval as long as they can complete the preparatory work successfully.' The fund venture between Ping An and UOB will target domestic investors, and it has no relation to the partnership between Ping An and Fortis, the sources said.
In March, Ping An agreed to pay 2.15 billion euros (S$4.6 billion) for half of Fortis' investment management business, which Ping An said would help it expand into global asset management markets. Ping An also holds a roughly 5 per cent stake in the Dutch-Belgian financial services firm.
Foreign banks such as HSBC Holdings plc and JPMorgan have also set up fund ventures in China, although overseas investors cannot own a controlling stake under current rules.
About half of China's 60 fund houses are joint ventures.
An approval for the establishment of the Ping An/UOB fund venture will make Ping An China's first insurer to have a fund arm, though indirectly.
Currently, Chinese insurers are not allowed to directly control a fund company, although Ping An and its rivals including China Life Insurance Co Ltd and China Pacific Insurance Co Ltd have been lobbying Beijing for a long time to lift the restriction.
Ping An's success in winning approval for a fund venture may signal that China Life and China Pacific can pursue similar plans to sell mutual fund products to their existing insurance clients.
On Tuesday, Dai Xianglong, chairman of the National Social Security Fund, told a financial forum in Tianjin that China needs to accelerate the approval of fund management joint ventures so that more overseas professionals will come to help develop the country's young but robust wealth management market. -- Reuters
UOB, Ping An to set up fund mgt venture: report
UOB says tie-up with Ping An Securities pending regulatory approval
PING An Insurance (Group) Co of China Ltd, China's second largest life insurer, has won approval to set up a fund management joint venture with United Overseas Bank (UOB), two people with direct knowledge of the situation told Reuters yesterday.
However, Singapore-based UOB clarified last night that 'an application for regulatory approval has been submitted for UOB to set up with Ping An Securities Company Limited a 25:75 joint-venture company to carry out fund management business' in China. Ping An Securities is part of the Ping An Insurance (Group)
UOB added that 'such regulatory approval is still pending'.
According to Reuters, the move came after Ping An failed early last year to buy control of domestic fund house Jutian, in which Morgan Stanley and its local partner China Fortune Securities won Beijing's nod to invest in and restructure last month.
The joint venture, to be controlled by Ping An Securities, the brokerage arm of the Ping An group, will be based in Shenzhen, and UOB, Singapore's second-biggest bank by assets, will have the right to appoint some key positions in the new firm, the sources told Reuters.
The negotiations between Ping An Securities and UOB Asset Management were held for nearly a year before they reached an agreement early this year, the sources said.
Ping An, also based in Shenzhen, has begun to hire staff for many areas including marketing, auditing and risk management for the new firm, as part of its preparations to launch the fund venture, said the sources, who asked not to be named because they are not authorised to speak to the media.
'The regulator has given Ping An the nod to prepare for launching the firm. Once completed, it will have to seek a final approval from the regulator again to officially announce the launch of the firm,' said one of the sources.
'But they should have no problem to get final approval as long as they can complete the preparatory work successfully.' The fund venture between Ping An and UOB will target domestic investors, and it has no relation to the partnership between Ping An and Fortis, the sources said.
In March, Ping An agreed to pay 2.15 billion euros (S$4.6 billion) for half of Fortis' investment management business, which Ping An said would help it expand into global asset management markets. Ping An also holds a roughly 5 per cent stake in the Dutch-Belgian financial services firm.
Foreign banks such as HSBC Holdings plc and JPMorgan have also set up fund ventures in China, although overseas investors cannot own a controlling stake under current rules.
About half of China's 60 fund houses are joint ventures.
An approval for the establishment of the Ping An/UOB fund venture will make Ping An China's first insurer to have a fund arm, though indirectly.
Currently, Chinese insurers are not allowed to directly control a fund company, although Ping An and its rivals including China Life Insurance Co Ltd and China Pacific Insurance Co Ltd have been lobbying Beijing for a long time to lift the restriction.
Ping An's success in winning approval for a fund venture may signal that China Life and China Pacific can pursue similar plans to sell mutual fund products to their existing insurance clients.
On Tuesday, Dai Xianglong, chairman of the National Social Security Fund, told a financial forum in Tianjin that China needs to accelerate the approval of fund management joint ventures so that more overseas professionals will come to help develop the country's young but robust wealth management market. -- Reuters
Re: UOB
Posted: Tue Aug 05, 2008 1:21 pmUOB posts surprise 2.7% profit rise
SINGAPORE - Singapore's second-largest lender, United Overseas Bank, posted an unexpected 2.7 per cent rise in quarterly profit in spite of financial market turmoil due to strong loan business and investment gains.
The bank said its outlook is challenging.
Loans by Singapore banks grew at 25 per cent in the second quarter from a year earlier, the fastest pace since 1990, underpinned by a construction boom, which partially offset the impact of the global financial turmoil.
But economic growth is expected to slow this year, while inflation could climb to as high as 7 per cent, curbing loan demand.
UOB said on Tuesday its April-June net profit rose to S$601 million (US$438 million) from S$585 million a year ago. Analysts had predicted net profit of S$530 million or a drop of 9.4 per cent, according to the average of four forecasts compiled by Reuters.
UOB, controlled by chairman Wee Cho Yaw and his family, is considered the leader in Singapore's loan market for small- and medium-sized businesses, and has benefited from demand for property and construction.
UOB shares fell 2.7 per cent in the April-June period, compared to shares of sector leader DBS Group which rose 4.8 per cent, and third-ranked Oversea-Chinese Banking Corp's 0.9 per cent rise.
The benchmark Straits Times Index fell 2 per cent in the second quarter. DBS and OCBC report their quarterly results on Thursday. -- REUTERS
SINGAPORE - Singapore's second-largest lender, United Overseas Bank, posted an unexpected 2.7 per cent rise in quarterly profit in spite of financial market turmoil due to strong loan business and investment gains.
The bank said its outlook is challenging.
Loans by Singapore banks grew at 25 per cent in the second quarter from a year earlier, the fastest pace since 1990, underpinned by a construction boom, which partially offset the impact of the global financial turmoil.
But economic growth is expected to slow this year, while inflation could climb to as high as 7 per cent, curbing loan demand.
UOB said on Tuesday its April-June net profit rose to S$601 million (US$438 million) from S$585 million a year ago. Analysts had predicted net profit of S$530 million or a drop of 9.4 per cent, according to the average of four forecasts compiled by Reuters.
UOB, controlled by chairman Wee Cho Yaw and his family, is considered the leader in Singapore's loan market for small- and medium-sized businesses, and has benefited from demand for property and construction.
UOB shares fell 2.7 per cent in the April-June period, compared to shares of sector leader DBS Group which rose 4.8 per cent, and third-ranked Oversea-Chinese Banking Corp's 0.9 per cent rise.
The benchmark Straits Times Index fell 2 per cent in the second quarter. DBS and OCBC report their quarterly results on Thursday. -- REUTERS
Re: UOB
Posted: Tue Aug 05, 2008 1:24 pmdavidY :
welcome to Huatopedia, where everyday is a HUat HUat day !!!
thanks for this above contribution....
welcome to Huatopedia, where everyday is a HUat HUat day !!!
thanks for this above contribution....
Re: UOB
Posted: Wed Aug 06, 2008 8:01 amRESEARCH ALERT-Morgan Stanley cuts UOB to underweight
SINGAPORE, Aug 6 (Reuters) - Morgan Stanley has downgraded its investment rating for United Overseas Bank to "underweight" from "equal-weight", citing significant earnings pressure for Singapore banks.
Morgan Stanley analysts Matthew S Wilson and Samantha L Horton cut UOB's target price to S$16 from S$18.50. Shares of UOB closed at S$19.68 on Tuesday.
"While Singapore bank stocks performed relatively well as investors exited perceived higher-risk markets in the region - we think the perception is misguided," said Wilson and Horton in a research note.
"These banks enjoyed above-average loan growth, well below average credit charges, and buoyant capital markets; they are now the most vulnerable," the analysts said.
SINGAPORE, Aug 6 (Reuters) - Morgan Stanley has downgraded its investment rating for United Overseas Bank to "underweight" from "equal-weight", citing significant earnings pressure for Singapore banks.
Morgan Stanley analysts Matthew S Wilson and Samantha L Horton cut UOB's target price to S$16 from S$18.50. Shares of UOB closed at S$19.68 on Tuesday.
"While Singapore bank stocks performed relatively well as investors exited perceived higher-risk markets in the region - we think the perception is misguided," said Wilson and Horton in a research note.
"These banks enjoyed above-average loan growth, well below average credit charges, and buoyant capital markets; they are now the most vulnerable," the analysts said.
United Overseas Bank
Posted: Thu Sep 11, 2008 2:04 amUOB dissolves HK subsidiary
10 Sep 2008
United Overseas Bank Limited (UOB) said on Wednesday that Singapore UMB (Hong Kong) Limited, a wholly-owned subsidiary of UOB, has been de-registered and dissolved.
The de-registration and dissolution is part of the ongoing rationalisation of the operations of the UOB group of companies.
10 Sep 2008
United Overseas Bank Limited (UOB) said on Wednesday that Singapore UMB (Hong Kong) Limited, a wholly-owned subsidiary of UOB, has been de-registered and dissolved.
The de-registration and dissolution is part of the ongoing rationalisation of the operations of the UOB group of companies.
United Overseas Bank - Analyst DMG
Posted: Mon Sep 29, 2008 5:32 pmUOB (BUY\S$16.80\Target S$22.30)
29 Sep 2008
29 Sep 2008
Re: United Overseas Bank
Posted: Tue Oct 14, 2008 10:44 amUOB will be announcing Q3 results on 31 Oct