UOB looks to take ‘full advantage’ of excess capital by end of this year: CEO Wee Ee Cheong

UOB is actively looking to manage its capital, and hopes it can find ways to take “full advantage” of the excess by the end of this year, said chief executive Wee Ee Cheong.

With around S$2 billion to S$2.5 billion in excess capital due to Basel IV reforms, the bank is open to investing it in growth, or returning it to shareholders, whether through share buybacks or more dividends, Wee said at a briefing on Friday (Nov 8) for UOB’s third-quarter 2023 results.

Chief financial officer Lee Wai Fai said: “We’re looking at all options, because if we can’t utilise the capital for growth, we have to find some way to return it back to shareholders.”