UOB to support Shandong-based firms' Southeast Asian expansion with $600m funding

It inked a memorandum of understanding with Chinese conglomerate Shanghai Qilu.

UOB will provide $600m (RMB3b) of financing to Shandong-based companies in China to help them expand into Southeast Asia. It inked a memorandum of understanding with conglomerate Shanghai Qilu Industrial Group (Shanghai Qilu).

According to an announcement, UOB and Shanghai Qilu will help Shandong companies in the logistics, construction, infrastructure and industrials sectors expand into Southeast Asia. Shanghai Qilu is a conglomerate focusing on investment promotion, logistics and real estate.

UOB and Shanghai Qilu will also promote bilateral trade and investment, knowledge sharing, and talent development between Singapore and Shandong.

UOB group wholesale banking managing director Jimmy Koh said, “Through our collaboration with Shanghai Qilu, we hope to share our expertise and experience with more Shandong-based companies and to help them as they expand into Singapore and the region.”

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Previously in June 2017, UOB signed an MOU with construction conglomerate Qingjian Group Co., Ltd to support its ventures in Southeast Asia and the regional expansion of other Shandong-based companies.

Shanghai Qilu is managed by the Shandong State-owned Assets Supervision and Administration Commission of the State Council and supported by the Shandong Provincial Government.