![]() ![]() This presence not only enables it to serve clients across multiple jurisdictions, but it also gives it a deep understanding of the business environment in different ASEAN countries, knowledge it can pass on to its business-owner customers. Meanwhile, UOB boasts a strong regional network with the largest ASEAN footprint of any Singapore bank. It is further helped by the fact that high net worth individuals in Asia tend to hold accounts with a number of institutions, creating opportunities to win new clients, who also exhibit a strong preference for local banks operating within Singapore’s robust regulatory framework. Its private wealth business, which was created through combining UOB’s Private Bank and Privilege Reserve businesses, offers the full range of investment and wealth and succession playing services catering to the region’s rising number of high net worth individuals.Ĭhew also believes there is currently an opportunity for UOB to grow its market share in ASEAN due to changes in the region’s banking sector as global players withdraw and fintechs face heightened regulation. ![]() ![]() While this target may appear daunting, Chew points out that UOB has a number of factors in its favour. The private wealth business accounts for more than half of this total, and Chew has made it known that it is his ambition is to grow AUM for private wealth to S$120 billion by 2026 - a level he believes will enable the business to compete effectively with scale. UOB does not provide a breakdown of figures for its private wealth business, instead reporting them under its group retail business, which posted an impressive 11 per cent rise in assets under management (AUM) for wealth management to S$154 billion in 2022. He believes UOB has not yet realised its full potential, and its strong offering, customer-centric approach and personalised services leave it well positioned to win market share in Singapore’s competitive private wealth sector. Chew Mun Yew, managing director and head of private wealth at UOB is on a mission to significantly expand the bank’s private wealth business. ![]()
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