UOB Malaysia named best bank

[MALAYSIA] ​UOB Malaysia has been recognized as Malaysia's Best Bank by Global Finance magazine in its 31st annual World's Best Bank Awards. This accolade highlights UOB Malaysia's exceptional performance in the banking sector, underscoring its commitment to innovation, customer service, and sustainable financial practices.​

Global Finance's selection process for these awards involves a comprehensive evaluation of factors such as growth in assets, profitability, geographic reach, strategic relationships, new business development, and product innovation. The magazine also consults with industry analysts, corporate executives, and banking consultants to ensure a thorough assessment. Joseph D. Giarraputo, founder and editorial director of Global Finance, emphasized the transformative impact of generative artificial intelligence on the banking industry, noting that the awards recognize institutions that offer a broad range of services, long-term reliability, and technological innovation. ​

Financial Performance and Strategic Initiatives

In the financial year ending 2023, UOB Malaysia reported a record total operating income of RM4.6 billion and a net profit before tax (NPBT) of RM1.9 billion. This represents a 19.3% increase in operating income and a 44.4% surge in NPBT compared to the previous year. The growth was driven by a 7.4% rise in net interest income to RM2.9 billion and a 50% increase in other operating income to RM1.6 billion, mainly from higher net foreign exchange gains and fee and commission income.​

The Wholesale Banking segment saw an 18.5% growth in operating income, reaching RM2.1 billion. This growth was supported by strong performance in Transaction Banking and Global Markets, leveraging UOB's extensive ASEAN footprint and Greater China connectivity to assist businesses in expansion efforts. Since 2013, UOB Malaysia has supported over 500 global companies investing in Malaysia and facilitated more than 230 Malaysian companies in their regional expansion. ​

The Retail Banking segment experienced a 46.1% increase in operating income to RM1.9 billion, partly due to the consolidation of Citigroup’s Consumer Banking business. UOB Malaysia was the first among four regional markets to integrate the former Citigroup customer base onto its platform in July 2023. ​

Commitment to Sustainability and Innovation

UOB Malaysia has demonstrated a strong commitment to sustainability by providing RM6.2 billion in green financing loans to date. The bank offers a comprehensive sustainability financing framework and solutions validated by credible international second-party opinions. ​

The bank's headquarters, UOB Plaza 1 Kuala Lumpur, completed in September 2022, exemplifies its dedication to environmental, social, and governance (ESG) principles. The 37-story building is the first bank headquarters in Malaysia to achieve platinum ratings from both GreenRE Malaysia and Singapore’s BCA Green Mark. The building features sustainable architecture and efficient energy, water, and waste management systems, with a focus on employee well-being. ​

Recognition and Accolades

In addition to being named Malaysia's Best Bank by Global Finance, UOB Malaysia has received several other accolades. The Asian Banker recognized UOB Malaysia as the Best Foreign Retail Bank in Malaysia, citing strategic growth and technological enhancements, including the acquisition of Citigroup’s consumer banking business and improvements to its TMRW app, which led to a 63% increase in digitally active customers.

Furthermore, UOB Malaysia was honored at the ESGBusiness Awards 2024 for its efforts in supporting Malaysia’s renewable energy ambitions and enhancing employee wellness initiatives. Notably, the U-Solar program, aimed at promoting solar energy adoption, received significant recognition. ​

Leadership Perspective

Ng Wei Wei, Chief Executive Officer of UOB Malaysia, expressed pride in the bank's achievements, stating, "We are pleased to announce our record financial performance, driven by our key business pillars’ strong results and disciplined cost management." She emphasized the bank's commitment to leveraging its extensive network and expertise to assist businesses in unlocking new growth opportunities across the region through cross-border trade and investment. Ng also highlighted the importance of supporting local companies, particularly SMEs, in transitioning to sustainable practices to enhance their competitiveness in the global value chain. ​

UOB Malaysia's recent accolades and financial performance underscore its position as a leading financial institution in the country, committed to innovation, sustainability, and customer-centric solutions.