Singapore’s third-largest bank is hiring relationship managers and chasing a bigger share of Asia’s fast-growing wealth market, even as the US-Iran conflict clouds the regional outlook
United Overseas Bank has set a target to double its wealth income by 2030, with CEO Wee Ee Cheong telling analysts at the bank’s first-quarter results briefing that wealth will be a central pillar of growth in the years ahead.
UOB did not disclose a specific income figure, using 2025 as its base year. The bank plans to grow organically, hiring relationship managers and deepening wallet share with existing clients rather than pursuing acquisitions. Around 58% of its wealth assets under management already come from overseas customers.
Wealth income rose 6% year on year in the first quarter of 2026, with net new money of S$1 billion for the period. The bank is particularly focused on Hong Kong and Greater China, alongside ASEAN, as sources of new wealth flows. Wee noted that wealth flows from the Middle East are “not so obvious at this point in time.”
The wealth push comes against a difficult broader backdrop. UOB’s first-quarter net profit fell 4% year on year to S$1.44 billion, though that beat analyst estimates of S$1.38 billion. Income declined across all segments, reflecting lower benchmark rates, subdued investment banking activity and cautious market sentiment.
The prolonged US-Iran conflict is an additional concern. While UOB’s direct Middle East loan exposure is under 2% of the total book, CFO Leong Yung Chee said the bank is closely monitoring second and third-order effects, particularly on energy-vulnerable industries and broader Asian growth.
“We are operating in a period of heightened global uncertainty. Energy prices are volatile, supply chains remain under pressure, and inflation risks have resurfaced,” Wee said.
UOB maintained its full-year 2026 guidance but did not rule out adjustments to general loan provisions depending on how the conflict develops.
The wealth expansion puts UOB in direct competition with DBS, which last week reported record wealth management fees in the first quarter, and with OCBC, which this week agreed to acquire HSBC’s wealth and premier banking portfolio in Indonesia.