The United Overseas Bank (UOB) Group will work closely with the Chinese business community to grow business links between Sichuan and regional markets where the bank has a strong presence.

Wee Cho Yaw, UOB Group's Chairman and Chief Executive Officer, made the remarks on Friday in Chengdu, the capital of Southwest China's Sichuan Province, at the official opening of the new UOB Chengdu branch. Wee said that UOB was optimistic about China's economic development and pinned high hopes on the "Go West" strategy.

"There are Sichuan entrepreneurs expanding their businesses into Southeast Asia. With our strong network, we are well-placed to assist these companies in their need for local information and contacts," he added.

UOB is the seventh foreign bank to establish a branch in Chengdu. It shows Sichuan's opening to the outside has a strong appeal to foreign investors. With five branches and joint ventures of foreign insurance companies in Chengdu, the city has the biggest cluster of foreign financial institutions in western China.

UOB was among the first Singaporean banks to open a representative office in Beijing in 1984.
To date it has seven banking offices across China. UOB's Shanghai branch is an authorized approving centre for capital account, making UOB the first Southeast Asian bank that is authorized to approve and handle capital account transactions in Shanghai.