UOB sets up new branch in Kunming

United Overseas Bank (China) Ltd, a wholly owned subsidiary of Singapore-based UOB, opened a branch in Kunming, Yunnan province, on Thursday in an effort to help Chinese companies expanding into Southeast Asia.

As the bank's third branch in southwestern China following its operations in Chongqing and Chengdu, the Kunming branch will use the advantage of its location in Yunnan province as a strategic node of the Belt and Road Initiative to serve Chinese companies that have a strong need to invest in Southeast Asia, by tapping into UOB Group's regional network and resources and exploring innovative financial products, said Christine Ip, UOB's chief executive officer for the Chinese mainland, Hong Kong and Taiwan.

The Kunming branch will soon launch a direct currency exchange service between the Chinese yuan and the Thai baht to help Chinese companies minimize currency risk and reduce financing costs, said Mark Yang, head of global markets at UOB in China.