The United Overseas Bank (UOB) has been named the World’s Best Bank for SMEs at the Euromoney Global Awards for Excellence 2021 thanks to its deep regional connectivity, expertise and continued support of small and medium-sized enterprises (SMEs) to enable post-pandemic recovery and growth.
The latest win follows on from other key SME awards the Bank has won including the Best SME Bank in Singapore and Asia Pacific at The Asian Banker’s Excellence in Retail Financial Services International Awards in June this year.
Wee Ee Cheong, Deputy Chairman and Chief Executive Officer, UOB, said: “We understand the distinct challenges that SMEs face when navigating the disruptions caused by the pandemic and stand right by our customers to help them weather the crisis.
"In addition to relief support, we are also helping our SME customers transform their business digitally, seize cross-border opportunities and advance responsibly for long-term growth.
“The Euromoney World’s Best Bank for SMEs award is testament to UOB’s continued efforts in understanding the needs of our SME customers and keeping that at the core of the solutions and services we offer.
"We are committed in supporting our SME customers throughout economic and market cycles and to working with them to build more resilient and sustainable businesses.”
Understanding that SMEs are the backbone of regional economies, UOB acted swiftly at the onset of the COVID-19 pandemic to provide support. In February 2020, before any government response to the pandemic, UOB announced S$3 billion of relief assistance to companies.
The bank was also the first in setting up a dedicated restructuring task force that has been actively engaging clients to understand their challenges and to provide support in reworking their financial needs. To date, UOB has helped more than 20,000 SMEs across the region keep their businesses running.
Last month, UOB announced to increase its charter capital in Viet Nam from VND3 trillion (US$128.8 million) to VND5 trillion ($214.6 million), demonstrating the bank's commitment to deepening its presence in Viet Nam, and contributing to the country’s ongoing development. — VNS