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United Overseas Bank, Shanghai Pudong Development Bank ink MOU

Singapore's United Overseas Bank Ltd. signed a memorandum of understanding with Shanghai Pudong Development Bank Co. Ltd. to collaborate on serving companies looking to tap opportunities from China's Belt and Road Initiative, The Business Times reported Sept. 5.

Under the agreement, both banks will work together on solutions for investment advisory, syndicated loans, cross-border yuan transactions, project and trade finance, as well as cash settlement.

Shanghai Pudong Development Bank's clients will be able to connect with UOB's foreign direct investment ecosystem partners for advisory services in various areas, including investment incentives, local regulations and tax, among others.