UOB’s local rivals, DBS Group Holdings and Oversea-Chinese Banking Corporation (OCBC) have been making inroads on wealth management as well. During DBS’s earnings briefing for 1QFY2026, the bank’s group executive and group head of consumer banking and wealth management Shee Tse Koon told reporters that the bank’s wealth arm is in “growth mode” and that there is a “rapid growth of wealth within Asia.”
United Overseas Bank (UOB) (SGX:U11
) is aiming to double its wealth income over the next five years, says UOB’s deputy chairman and CEO Wee Ee Cheong during the bank’s earnings briefing for 1QFY2026 on May 7.
“Our ambition is clear, to double wealth income by 2030 through discipline, organic execution, platform, people and solution,” Wee says, noting that the space has grown increasingly competitive. For FY2025, UOB's weath income stood at $1.28 billion.
