United Overseas Bank Limited (UOB) plans to double its small and medium-sized enterprise lending across its Southeast Asian network by 2015.
To achieve this growth in Singapore, Malaysia, Thailand and Indonesia, UOB will continue to invest in attracting experts in small business and enhancing its regional platform. Last year, UOB invested S$15 million to develop a new credit application tool to reduce the loan processing time for small businesses.
According to Victor Lee, UOB Group's head of business banking, Southeast Asian economies generally expect to be bolstered by domestic consumer and public spending, so there will be opportunities for small businesses to grow.
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