UOB has entered into an agreement with CHANGAN International Corporation, a subsidiary of China’s leading automaker, CHANGAN Automobile, aiming to support the company’s international investment and development of its electric vehicle businesses in Thailand and across Southeast Asia.
The new strategic tie-up is a part of UOB’s commitment to enhance business cooperation in the fields of finance and trade for CHANGAN Thailand which serves as the regional headquarter of Southeast Asia and surrounding markets including Australia and New Zealand.
Through the agreement, UOB has become the first main operating bank for CHANGAN, outside of China, and will assist the company’s internationalisation process by providing all-round, convenient, and preferential financial services to facilitate innovation and green development. CHANGAN can tap into the Bank’s, in market-financial services such as global credit services and management, local and foreign currency settlement, diversified wealth management as well as access to green financial solutions under UOB’s sustainable finance frameworks for its future business activities.
Mr Tan Choon Hin, President and CEO, UOB Thailand said “UOB would like to congratulate CHANGAN for its successful entry into Thailand. The move reinforces the company’s unwavering aspiration to establishing Thailand a regional hub for the company’s electric vehicle expansion. As a premier regional bank with strong presence in Thailand and Asean, UOB stands ready with our extensive network and full suite of services and financial solutions to support CHANGAN on their international venture. Together we can further accelerate the adoption of electric vehicles in Thailand and steer the region towards a sustainable future of green mobility.”
Mr Chen Jianfeng, Assistant to the President and General Manager, Finance Department, CHANGAN Automobile said, “UOB has been an instrumental partner in supporting the company’s EV expansion across Southeast Asia and surrounding region. Through this strategic collaboration, UOB Thailand and UOB China have provided us with an access to valuable advisory including legal, human resources, market insights as well as banking needs. We look forward to advancing our partnership with UOB for the long term.”
CHANGAN recently showcased its two electric vehicle models, Deepal L07 and Deepal S07 at Thailand Motor Expo 2023. The company has also begun the first phase construction of its advanced electric vehicle production facilities in Rayong province. The manufacturing plant will feature painting, car assembly, engine assembly, and battery assembly units, alongside necessary supporting facilities to serve Southeast Asia and right-hand drive markets with total capacity to reach 100,000 units per year by early 2025.