United Overseas Bank opens branch in Southwest China

he United Overseas Bank (UOB) has opened a branch in Kunming city, Yunnan province, reflecting a trend that an increasing number of foreign financial institutions are deploying for expansion along China’s One Belt One Road initiative, Yicai.com reported.

Ye Yangshiming, CEO for Greater China at UOB, said they aim to turn the Kunming branch into an important link connecting the bank with West China and the regional network.

The new branch signed a Memorandum of Understanding with Yunnan Energy Investment Group and Yunnan Water Investment Co. Ltd. during an opening ceremony. According to the MOU, UOB will provide financial services to the two companies’ overseas expansion in Southeast Asia.

Recently, Chinese regulators continued to release statements with regard to the opening up of the financial industry.

Zhu Guangyao, Deputy Minister of Finance, said the government plans to ease restrictions on the proportion of equity owned by foreign-invested banks.

Domestic or foreign investors will be treated the same in terms of how much shares they can hold in Chinese commercial banks or asset management companies, Zhu said.

(ASIA TIMES)