UOB

By Fabiana Negrin Ochoa United Overseas Bank Ltd. has set new carbon-reduction targets and pledged to stop financing thermal coal, becoming the latest bank.

"What we're trying to do is help phase out the use of oil and gas across various sectors, power, automotive, even in construction...that's how we think about addressing the downstream." "Within the region, we haven't as a collective community...figured out the most effective way to transition out of oil and gas. The bank set specific targets for each sector, which generate the bulk of its financed emissions, aiming to sharply lower their carbon-emissions intensity--the volume of CO2 relative to a specific activity or output. So we made the strongest commitment we know how to make, which is limiting new supply," Mr. It set a 100% goal for the auto sector and has interim 2030 targets for all sectors to gauge progress. United Overseas Bank Ltd.

Energy, built environment-focused commitments include interim 2030 targets.

Quantum Commodity Intelligence - Singapore-based United Overseas Bank will halt its investments in oil and gas projects from 2023 as part of its commitment, ...

Included in registration is access to our daily newsletter – Quantum Energy Daily, a summary of all Quantum content delivered into your email inbox each evening. You will receive unlimited access to our industry news, price assessments and data, plus historical stories, fundamentals data and charting functionality for all daily assessments. UOB to halt oil, gas investments as part of 2050 net zero pledge

Goal will be met by cutting financing to upstream oil projects and setting emissions reduction goals in other sectors. Read more at straitstimes.com.

UOB has also set targets to reduce emissions intensity for these five sectors. For the power sector, the bank has set a goal to reduce emissions intensity by 61 per cent by 2030 and by 98 per cent by 2050. She stressed the need for the bank to take faster action to end financing for coal, oil and gas production. For the other five sectors, the bank has set interim emissions reduction goals for 2030 and net-zero targets by 2050. For the oil and gas sector, the bank said it has committed to no new project financing for upstream oil and gas projects approved for development after 2022, the first bank in Asia to do so. SINGAPORE - UOB has set out emissions targets in six carbon-intensive sectors it finances in order to meet its net-zero emissions commitments by 2050, the second bank in the region to do so.

KUALA LUMPUR: Announcing the completion of its Malaysia and Thailand acquisitions, United Overseas Bank Ltd (UOB) said it is working towards a smooth ...

We are deeply grateful to our clients and colleagues for their support and confidence," he added. Citigroup said over 3,000 related consumer bank employees and supporting employees will transfer to UOB. "We are committed to ensuring a seamless migration experience for Citigroup’s customers.

United Overseas Bank Ltd (UOB) has completed the acquisition of Citigroup's consumer banking businesses in Malaysia and Thailand. In a statement on Tuesday ...

In a statement on Tuesday (Nov 1), the banking group said that on the other hand, completion of the acquisition of Citigroup’s consumer banking businesses in Indonesia and Vietnam is planned for 2023. UOB deputy chairman and chief executive officer Wee Ee Cheong said the completion of the acquisition in Malaysia and Thailand is an important milestone, as the group continues to invest in its regional franchise. KUALA LUMPUR (Nov 1): United Overseas Bank Ltd (UOB) has completed the acquisition of Citigroup’s consumer banking businesses in Malaysia and Thailand.

KUALA LUMPUR, Nov 1 ― UOB has completed the acquisition of Citigroup's consumer banking businesses in Malaysia and Thailand, while a similar acquisition in ...

Citi Legacy Franchises CEO Titi Cole said: “With these completed sales, we have now divested four consumer businesses and are making swift progress on delivering our firm’s strategy refresh. Citi and UOB first announced on January 14, 2022 that they have entered into agreements for UOB to acquire Citi’s consumer banking businesses in Thailand, Malaysia, Vietnam, and Indonesia. Since Citi announced that it intended to exit consumer banking across 14 markets in Asia, Europe, the Middle East, and Mexico, sales agreements have been signed in nine markets.

KUALA LUMPUR: Citi has completed the sale of Citi's Malaysia and Thailand retail banking and consumer credit card businesses to United Overseas Bank Ltd ...

"We are deeply grateful to our clients and colleagues for their support and confidence. "Citi remains deeply committed to Malaysia and Thailand. In a statement, the bank said the transaction is expected to result in a regulatory capital benefit to Citi of approximately US$1 billion.

KUALA LUMPUR: Citi has completed the sale of Citi's Malaysia and Thailand retail banking and consumer credit card businesses to United Overseas Bank Ltd ...

"We are deeply grateful to our clients and colleagues for their support and confidence. "Citi remains deeply committed to Malaysia and Thailand. In a statement, the bank said the transaction is expected to result in a regulatory capital benefit to Citi of approximately US$1 billion.

Citigroup said on Tuesday it had completed the sale of its Malaysia and Thailand retail banking businesses to Singapore's United Overseas Bank (UOB) in a ...

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CITIGROUP Inc has completed the sales of its Malaysia and Thailand retail banking and consumer credit card businesses to United Overseas Bank Ltd (UOB) ...

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The consumer businesses comprise Citigroup's unsecured and secured lending portfolios, wealth management and retail deposit businesses. The acquisition is part ...

Citi Legacy Franchises CEO Titi Cole said: “With these completed sales, we have now divested four consumer businesses and are making swift progress on delivering our firm’s strategy refresh. Citi and UOB first announced on Jan 14, 2022 that they have entered into agreements for UOB to acquire Citi’s consumer banking businesses in Thailand, Malaysia, Vietnam, and Indonesia. Since Citi announced that it intended to exit consumer banking across 14 markets in Asia, Europe, the Middle East, and Mexico, sales agreements have been signed in nine markets.

Transaction marks completion and closing of third and fourth divestitures as part of Citi's strategy refresh.

Citi is also in the process of winding down consumer banking in South Korea and Russia. The agreements excludes the bank’s institutional businesses. The completion of the sale of