United Overseas Bank (Malaysia) Berhad or UOB is a subsidiary company of the United Overseas Bank Limited. The group is based in Singapore with a global presence in more than 18 countries worldwide. It first established its presence in Malaysia in 1993 when it acquired Lee Wah Bank Limited which was also a Singaporean company that first started in 1920. UOB then merged with Chung Khiaw Bank Berhad in 1997 before merging with OUB (Overseas Union Bank) in Malaysia in 2002 making it the foreign bank with the largest network of branches. It offers a wide range of products which includes commercial and personal financing like credit cards, loans, deposits and savings, treasury services, home and property loans, wealth management as well as insurance. UOB has been actively promoting their products and service in recent years after the merging with OUB and have since been one of the frontrunners in terms of credit card and personal financial services.
List of Products and Services
There are basically 2 main types of banking offered by UOB namely Personal and Business Banking.
The first type is Personal Banking and the financial products and services offered are as follow:
Deposits – this would include all types of accounts catered for individuals like Savings Account which includes the Savings Plus, the Basic Savings Account, U Account for young adults from 18 to 25 years of age and the FunSavers Account which is meant for the younger children to encourage them to start young.
Current Accounts include the common Basic Current Account and the i-Account. The UOB i-Account is typically a 4-in-1 money management account. There are also the fixed deposit account, the Foreign Currency Account like the UOB Foreign Currency Time Deposit Account and the UOB Foreign Currency Call Account.
UOB High Yield Account is a hybrid account, combining deposits and investments.
Loans – UOB provides loans in mainly property sectors like the iNTELLIGENT Home Loan, FlexiMortgage and the UOB International Home Loan. There are also Overdraft facilities provided as well as the personal loan like EasiCash.
Credit Cards – UOB’s range of credit and debit card facilities include the UOB Preferred Platinum card, the MIDAS Club cards, UOB One Card, Lady’s Card, the classic Visa and Master cards, the UOB Club Plus cards, the UOB CIMA Gold Mastercard, the UOB SEGi Visa Credit Card and the UOB VOX cards respectively.
Unit Trusts – this would encompass all the different unit trust products offered by trust houses like OSK-OUB, Pacific Mutual Fund Berhad, HLG Unit Trust Berhad, CIMB-Principal Asset Management Berhad, CIMB Wealth Advisor Berhad, Prudential Fund Management Berhad, ING Funds Berhad, RHB Investment Management Sdn Bdh and Aminvestment Services Berhad.
UOB Bancassurance – this includes a wide range of insurance related products and services that covers IdealCare providing coverage on hospitalization and medical costs, Ideal Home Protection Plan, Ideal Lifestyle Protection Plan, Personal Protection Insurance, Golfers and Motorists Insurance, Motor Insurance and Traveler’s Insurance. UOB also offers TermREFUND, EXTRACash, MedicAssurePlus, EduSaver, MAXLink, MAXGain, MAXEduLink, My Legacy, Bijak Malaysia, MAXIncome and MAXGlodenLink coverage as well.
UOB Privilege Banking – this is catered to customers with certain pre-requisites for priority banking services.
Electronic Banking Services – includes Online Banking, Shared ATM Network using the HOUSe integrated network, 24 Hours banking, UOB Personal Internet Banking, UOB 121 Phone Banking and Drive-Thru Banking facilities.
Wealth Management – this would involve providing customers with services like Cash Flow Management, Education Planning, Retirement Planning, Investment Planning, Protection Planning and Estate Planning.
Structured Investments – this is catered to customers who would like to involved in investments that are in areas like Equities, Commodities, Interest Rates, Foreign Exchange, Hybrids and certain customized ones.
Commercial Banking services – this would encompass areas like Syndicated Loans and Club Deals, Working Capital Financing, Bumiputra Business Banking, Contract/Project Financing, Term Financing and the UOB Biz-Cash products.
Cash Management – UOB helps businesses in managing their cash flows through financial packages like the UOB Payables Solutions, UOB Receivables Solutions and the UOB Information Management.
Investment Banking – involves areas like Specialized Financing, Debt Capital Markets, Corporate Finance and Fixed Income and Derivatives.
Global Markets and Investment Management – helps businesses grow through proper managing of foreign exchange and interest rate exposures. This would involved products services in Global Markets, Foreign Exchange, Gold Bullion Products, Foreign Currency Account, Banknotes, Money Market Investment Products and Structured Investment Products.
Trade Services – this would involve import and export services like Letter of Credits, Shipping guarantees, Inward Bill Collection, Trust Receipts, Banker’s Acceptances, Vendor Financing, Supply Chain Financing, Packing Credit/Export Loan, Documentary collection, Credit Bills Purchased, Standby Letter of Credit, Structured Financing, UOB Click and Track, and Export Credit Refinancing. It also includes other services like UniCargo, UOB Express Service and Trade Documents Preparation Services.
Commercial Banking Cards – this would cover a wide range of cards like UOB Visa Corporate Card, UOB Visa Gold Business Card, UOB Travel Account, UOB Distribution Card and the UOB Purchasing Card.
Merchant Services – this service is provided for by UOB to customers like counter/Regular Services, Recurring Payment, Online payment, e-Commerce, Club Plus and Co-Branded cards.