Ad Banner
Advertisement by Open Privilege
Malaysia

UOB Malaysia named best bank

Image Credits: Open PrivilegeImage Credits: Open Privilege
  • UOB Malaysia was named Malaysia's Best Bank by Global Finance for 2024, citing strong financial performance, innovation, and customer service.
  • The bank achieved a record RM1.9 billion in pre-tax profit for FY2023, bolstered by growth across both Wholesale and Retail Banking segments.
  • UOB Malaysia demonstrated leadership in sustainability and ESG, with RM6.2 billion in green financing and award-winning eco-friendly headquarters.

[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.


Ad Banner
Advertisement by Open Privilege

Read More

Finance Malaysia
Image Credits: Unsplash
FinanceApril 25, 2025 at 1:30:00 PM

FBM KLCI holds steady amid global market rally

[MALAYSIA] The FBM KLCI ended the morning session slightly higher as investors turned to profit-taking ahead of the weekend, capping off a week...

Economy Malaysia
Image Credits: Unsplash
EconomyApril 25, 2025 at 1:30:00 PM

China considers tariff exemptions amid trade war

[WORLD] China is exploring the possibility of exempting certain U.S. imports from its steep 125% retaliatory tariffs, marking the strongest indication yet that...

Culture Malaysia
Image Credits: Unsplash
CultureApril 24, 2025 at 9:30:00 PM

How to work with a difficult colleague

[WORLD] Navigating a professional relationship with a colleague who harbours negative feelings towards you can be challenging. However, with strategic approaches rooted in...

Economy Malaysia
Image Credits: Unsplash
EconomyApril 24, 2025 at 4:00:00 PM

US-China trade tensions: No negotiations confirmed

[WORLD] China’s Ministry of Commerce on Thursday refuted claims of ongoing trade negotiations with the United States, stating that reports suggesting progress in...

Economy Malaysia
Image Credits: Unsplash
EconomyApril 24, 2025 at 2:00:00 PM

Malaysian firms eye Uganda’s oil fields amid shrinking domestic reserves

[MALAYSIA] Malaysian companies have been invited to compete for unexplored petroleum fields in Uganda, as the Southeast Asian nation’s oil and gas sector...

Politics Malaysia
Image Credits: Unsplash
PoliticsApril 24, 2025 at 2:00:00 PM

Kaja Kallas, the EU's senior diplomat, deals with Trump's turbulence

[EUROPE] European Union foreign policy chief Kaja Kallas is facing unprecedented challenges as she navigates a rapidly changing geopolitical landscape marked by U.S....

Tech Malaysia
Image Credits: Unsplash
TechApril 24, 2025 at 1:00:00 PM

Tesla faces decline in EU sales amid rising competition

[EUROPE] Tesla’s sales in the European Union took another significant hit last month, marking a continued downturn that has raised questions about the...

Economy Malaysia
Image Credits: Unsplash
EconomyApril 24, 2025 at 12:30:00 PM

Trump administration weighs auto tariff reductions amid industry pressure

[UNITED STATES] The Trump administration is weighing the possibility of reducing certain tariffs imposed on the automotive industry, which executives have warned could...

Economy Malaysia
Image Credits: Unsplash
EconomyApril 24, 2025 at 11:00:00 AM

Hong Kong stocks drop as US rules out unilateral tariff cuts

[WORLD] Hong Kong stocks slipped on Thursday, ending a three-day winning streak, after investor sentiment took a hit following remarks from US Treasury...

Retail Malaysia
Image Credits: Open Privilege
RetailApril 24, 2025 at 10:30:00 AM

Zus Coffee overtakes Starbucks in Malaysia amid rapid Southeast Asia expansion

[MALAYSIA] Zuspresso, the operator behind the Zus Coffee brand, is set to expand aggressively in Southeast Asia this year, planning to open nearly...

Economy Malaysia
Image Credits: Unsplash
EconomyApril 24, 2025 at 10:30:00 AM

Malaysia’s inflation eases in March amid public cost-of-living concerns

[MALAYSIA] Malaysia’s headline inflation rose at a slightly slower pace of 1.4% in March 2025, easing from 1.5% in February, in line with...

Finance Malaysia
Image Credits: Unsplash
FinanceApril 24, 2025 at 10:00:00 AM

FBM KLCI holds steady amid trade war optimism

[MALAYSIA] The FBM KLCI began Thursday’s trading session on a flat note, opening around the 1,500 level as investors cautiously extended gains from...

Ad Banner
Advertisement by Open Privilege
Load More
Ad Banner
Advertisement by Open Privilege