United Overseas Bank Limited · SGX:U11
United Overseas Bank — Debt Investor Presentation (June 2017)
67 slides from United Overseas Bank's debt investor presentation, June 2017
Slide 1: UOB Group: Sound Operating Performance and Balance Sheet Position
UOB Group Sound Operating Performance and Balance Sheet Position May/ June 2017 Discla imer: Th is mater ial that follo ws is a prese ntat io n of genera l ba ckgrou nd informat ion ab out the Ba nk’s act ivities current at the date of the present at ion. It is informat ion g ive n in summary form a
Slide 2: Agenda
Agenda 1. Overview of UOB Group 2. Macroeconomic Outlook 3. Strong UOB Fundamentals 4. Our Growth Drivers 5. Latest Financials 6. UOB’s Covered Bond Program
Slide 3: Overview of UOB Group
Overview of UOB Group HtUOB
Slide 4: UOB Overview
UOB Overview Founding Key Statistics for 1Q17 Founded in August 1935 by a group of Chinese ■ Total assets : SGD342b (USD245.2b1) businessmen and Datuk Wee Kheng Chiang, ■ Shareholder’s equity : SGD34b (USD24.2 b1) grandfather of the present UOB Group CEO, Mr. ■ Gross loans : SGD229b (USD164.0b1) Wee
Slide 5: A Leading Singapore Bank; Established Franchise in Core Market Segments
A Leading Singapore Bank; Established Franchise in Core Market Segments Group Retail Group Wholesale Banking Global Markets Best Retail Bank in Singapore1 Best SME Banking1 Strong player in Singapore dollar treasury instruments Strong player in credit cards and Seamless access to regional
Slide 6: Proven Track Record of Execution
Proven Track Record of Execution UOB Group’s management has a proven track record in steering the Group through various global events and crises. Stability of management team ensures consistent execution of strategies Disciplined management style which underpins the Group’s overall resilience
Slide 7: Expanding Regional Banking Franchise
Expanding Regional Banking Franchise Extensive Regional Footprint with c.500 Offices Profit Before Tax by Region (SGD m) MYANMAR GREATER CHINA 2 offices 27 offices1 VIETNAM 39% of THAILAND 1 office Group PBT 155 offices 324 367 301 PHILIPPINES 252 305 366 300 1 office 272 99 61 71 MALAYSIA 178 159 1
Slide 8: Macroeconomic Outlook
Macroeconomic Outlook {itt VOB
Slide 9: China's Growth Slower but Low Risk of Hard Landing
China’s Growth Slower but Low Risk of Hard Landing While China’s GDP growth rate is slowing, the annual increase in absolute GDP has been stable. The Chinese economy has its underlying momentum, supported by rebalancing reforms and steady job market. Low central government debt underpins China
Slide 10: Brexit Impact on Asian Markets via Trade and Investment Channels
Brexit Impact on Asian Markets via Trade and Investment Channels It is a challenge to quantify Brexit effects with EU & UK Export Mix of Selected Partners (2015) certainty at this stage. The immediate impact on Asian economies is likely 19% to be limited and shallow, considering the low export 1
Slide 11: Implication on Regional Policy Rates
Implication on Regional Policy Rates 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17f 3Q17f 4Q17f 1Q18f US 10-Year 2.27 1.77 1.47 1.59 2.44 2.39 2.75 2.80 3.00 3.00 Treasury US Fed Funds 0.50 0.50 0.50 0.50 0.75 1.00 1.25 1.50 1.50 1.75 SG 3M SOR 1.70 0.80 0.81 0.67 1.01 0.88 1.15 1.35 1.40 1.60 MY Overnight Pol
Slide 12: Southeast Asia: Resilient Key Markets
Southeast Asia: Resilient Key Markets Significantly Higher Foreign Reserves Healthier Current Account Balances (USD billion) (% of GDP) 253 19.3 179 15.2 117 96 75 7.7 30 24 26 1.5 Singapore Thailand Indonesia Malaysia –2.0 –1.8 –2.3 1998 2017 (latest available) –5.9 Singapore Malaysia Thailand Indo
Slide 13: Manufacturing Sector to Continue To Lead Singapore GDP in 2017
Manufacturing Sector to Continue To Lead Singapore GDP in 2017 Advance 1Q17 GDP growth was at 2.5% yoy (4Q16: Neutral Stance Adopted since April 2016 +2.9%), supported mainly by robust expansion in the electronics and precision engineering clusters, and 133 some improvement in the services sector.
Slide 14: Southeast Asia Banking Sector: Strong Fundamentals Remain Intact
Southeast Asia Banking Sector: Strong Fundamentals Remain Intact Key Banking Trends Higher NIM in Lightly Penetrated Markets Southeast Asian banks have healthy capital and funding (Net interest margin and private-sector credit / GDP, in %) levels 6.7 — Singapore banks have among the highest capita
Slide 15: Conducive Macro Conditions Underpin Singapore Property Market
Conducive Macro Conditions Underpin Singapore Property Market Regional House Price Indices over Last 10 Years Low Unemployment vs Global Peers (4Q06 = 100) (%) HK, 327 7.7 EU, 8.2 MY, 215 4.4 US, 4.7 AU, 169 CH, 4.0 SG, 147 HK, 3.1 100 SG, 1.9 TH, 116 2.6 4Q06 4Q08 4Q10 4Q12 4Q14 4Q16 2006 2008 2010
Slide 16: Prudent Policies for Sustainable Prices
Prudent Policies for Sustainable Prices Residential Property Price Indices 160 140 120 2013: Introduction of 100 TDSR 80 2011: Introduction of 2008: Onset of 2010: Introduction ABSD 1997: Asian Crisis 60 Credit Crisis of SSD 2001: Dot Com Bubble 2003: SARS Outbreak Collapses 40 2002: HDB building pr
Slide 17: Revenue Potential from 'Connecting the Dots' in the Region
Revenue Potential from ‘Connecting the Dots’ in the Region Estimated Size of Connectivity Revenue Potential Revenue in 2020 by Country Partners (SGD b) (SGD b) CAGR c$53b c$11b +6% Total Singapore Thailand c$2b c$2b c$37b c$7b +6% Hong Wealth Kong c$8b c$3b c$5b Malaysia Others Trade c$4b c$29b c$35
Slide 18: Basel III across the Region
Basel III across the Region BCBS Singapore Malaysia Thailand Indonesia Hong Kong China Minimum CET1 CAR 4.5% 6.5%1 4.5% 4.5% 4.5% 4.5% 5.0% Minimum Tier 1 CAR 6.0% 8.0%1 6.0% 6.0% 6.0% 6.0% 6.0% Minimum Total CAR 8.0% 10.0%1 8.0% 8.5% 8.0% 8.0% 8.0% Full Compliance Jan-15 Jan-15 Jan-15 Jan-13 Jan-14
Slide 19: Banking Regulations Still Evolving
Banking Regulations Still Evolving 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Basel III capital Phased-in Full ratios Leverage ratio Disclosure phase tbf7 LCR1 Phased-in Full NSFR2 tbf7 SACCR3 Start FRTB4 Start TLAC5 Phased-in Full Basel IV6 Evolving IFRS 9 Start Banks need to be profitable i
Slide 20: Strong UOB Fundamentals
tit UOB Strong UOB Fundamentals 20
Slide 21: Strong UOB Fundamentals
Strong UOB Fundamentals Strong Proven track record in steering the bank through various global events and Management with crises Proven Track Record Stability of management team ensures consistent execution of strategies Consistent and Steady income growth trajectory year-on-year, despite an u
Slide 22: Diversified Loan Portfolio
Diversified Loan Portfolio Gross Customer Loans by Geography 1 Gross Customer Loans by Currency Singapore Others Others 55% SGD 10% IDR 13% 49% Greater 2% China THB 13% 6% Indonesia 5% MYR 10% Thailand 6% Malaysia USD 11% 20% Gross Customer Loans by Maturity Gross Customer Loans by Industry Professi
Slide 23: Competitive Against Peers
Competitive Against Peers Standalone Efficient Cost Competitive Well-Maintained Strength Management ROAA1 Liquidity Moody’s S&P Fitch Moody’s baseline Costs/income Return on average Loan/deposit credit assessment ratio assets1 ratio Aa1 AA– AA– UOB a1 45.1% 0.95% 86.7% Aa1 AA– AA– OCBC a1 43.3% 1.12
Slide 24: Strong Capital and Leverage Ratios
Strong Capital and Leverage Ratios Reported Common Equity Tier 1 CAR, Tier 1 CAR, Total CAR 23.4 22.4 22.4 21.3 20.1 19.3 (Common Equity 18.3 17.3 16.6 16.5 16.5 16.5 16.5 16.4 16.1 15.7 15.7 15.4 14.7 14.6 14.5 14.4 14.2 Tier 1 CAR; 14.0 13.8 13.7 13.6 13.6 13.3 13.2 12.9 12.8 12.5 12.5 11.5 11.3 1
Slide 25: Strong Investment Grade Credit Ratings
Strong Investment Grade Credit Ratings Aa1/Stable/P-1 AA– /Stable/A-1+ AA– /Stable/F1+ ‘Very strong buffers of capital, loan loss ‘Prudent management team…emphasis on funding ‘Ratings reflect its strong domestic franchise, provisions and pre-provision income’ and capitalisation to buffer again
Slide 26: Robust Risk Management Framework
Robust Risk Management Framework Operate under strict regulatory regime; prudential rules in line with global best practices Strong risk culture; focus beyond long-term sustainability, beyond gains in short-term Robust Focused on businesses which we understand and are well-equipped to manage R
Slide 27: Managing Risks for Stable Growth
Managing Risks for Stable Growth Prudent approach has been key to delivering sustainable returns over the years Manage concentration risk Institutionalised framework through Group Risk Appetite Maintain Statement (GRAS): Nurture core balance talent sheet – Outlines risk and return strength objec
Slide 28: Stable Asset Quality; High Allowances Coverage
Stable Asset Quality; High Allowances Coverage Largely Stable NPL Ratio High Allowances Coverage 4,500 1.6% 2.0% 1.4% 1.4% 1.5% 1.5% 6,000 200% 133.2% 125.6% 118.0% 118.1% 4,000 112.4% 100% 3,500 1.0% 1.5% 5,000 1.5% 1.4% 1.2% 1.1% 615 0% 3,000 1,025 1,194 4,000 530 586 517 0.0% -100% 2,500 350 751
Slide 29: Disciplined Balance Sheet Management
Disciplined Balance Sheet Management Portfolio quality broadly stable Countercyclical Approach to General Allowances (SGDm) – NPL ratio up slightly at 1.5% 80 204 – High general allowances-to-loans ratio of 460 359 1.2% 358 – 32bps total credit costs maintained 2,709 1,964 SGD1.1bn Proactive lia
Slide 30: Our Growth Drivers
itt UOB Our Growth Drivers 30
Slide 31: Our Growth Drivers
Our Growth Drivers Provides us with ability to serve expanding regional needs of our Realise Full customers Potential of our Integrated Platform Improves operational efficiency, enhances risk management, seamless customer experience and faster time to market Global macro environment remains un
Slide 32: Wholesale Banking: Steady Franchise Growth; Broader Portfolio Quality Sound
Wholesale Banking: Steady Franchise Growth; Broader Portfolio Quality Sound Wholesale Banking Business Wholesale Banking’s loans and income up in 2016 Gross Loans (SGDbn) Total Income (SGDm) +10% +6% +10% 4500 +10% +13% +3% 2.40% YoY YoY YoY 4000 YoY YoY YoY Bottom line dampened by higher allowa
Slide 33: Group Transaction Banking: Stable Income Contributor
Group Transaction Banking: Stable Income Contributor Cash management increasing in significance Healthy growth in trade loans with focus on increasing client wallet share Continue to draw high-quality deposits, supporting our liability management Strong industry recognition for cash and trad
Slide 34: Retail Banking: Growing Income with Stable Asset Quality
Retail Banking: Growing Income with Stable Asset Quality Housing loans a key driver for Retail Group Retail Business Banking’s1 loan growth in 2016; regional Gross Loans (SGDbn) Total Income (SGDm) housing loans +11% YoY +8% +3% +7% +9% +11% +9% – Asset quality remains stable YoY YoY YoY YoY YoY Y
Slide 35: Digitalisation: Enriching Customer Experience
Digitalisation: Enriching Customer Experience Examples of UOB’s digital initiatives Connectivity • Security token embedded in smartphone • Instant digital credit card issuance • Contactless ATM Ecosystem partners • hiLife and MGG • cloudBuy • BizSmart • FinLab • OurCrowd • Innoven Capital Innovation
Slide 36: Why UOB?
Why UOB? Proven track record in steering the bank through various global events and Stable crises Management Stability of management team ensures consistent execution of strategies Entrenched local presence. Ground resources and integrated regional Integrated Regional network allow us to bette
Slide 37: Latest Financials
itt UOB Latest Financials 37
Slide 38: FY16 Financial Overview
FY16 Financial Overview Net Profit After Tax1 (NPAT) Movement, FY16 vs FY15 (SGD m) 65 48 98 99 78 84 21 3,209 –3.5% 3,096 +1.3% +2.5% –7.9% +2.8% –11.6% –93.4% +3.2% FY15 net Net interest Fee income Other non- Expenses Total Share of Tax and FY16 net profit after income interest allowances profit o
Slide 39: 1Q17 Financial Overview
1Q17 Financial Overview Net Profit After Tax1 (NPAT) Movement, 1Q17 vs 4Q16 (SGD m) 89 0 55 55 25 28 23 739 +9.3% 807 +2.2% –4.2% +40.0% +0.0% +42.8% >100.0% +14.2% 4Q16 net Net interest Fee income Other non- Expenses Total Share of Tax and 1Q17 net profit after income interest allowances profit of
Slide 40: Net Interest Income Rose on Growth in Loans and Margins
Net Interest Income Rose on Growth in Loans and Margins Net Interest Income (NII) and Margin 9,000 2,200 3.00% 2.36% 3.00% 2.12% 2.26% 2.20% 2.23% 2.13% 2.09% 2.14% 2.06% 8,000 2,000 2.00% 2.00% 1.72% 1.71% 1.77% 1.71% 1.78% 1.68% 1.69% 1.69% 1.73% 1,800 1.00% 1.00% 7,000 0.76% 0.82% 0.50% 1,600 0.0
Slide 41: Loans up 9% YoY and 2% QoQ
Loans up 9% YoY and 2% QoQ QoQ YoY Mar-17 Dec-16 +/(–) Mar-16 +/(–) Gross Loans 1 SGD b SGD b % SGD b % By Geography Singapore 125.1 125.5 –0.4 117.8 +6.2 Regional: 80.6 78.1 +3.2 72.4 +11.4 Malaysia 25.6 25.8 –0.7 25.5 +0.3 Thailand 13.7 13.2 +3.4 11.4 +20.2 Indonesia 11.4 11.9 –3.7 10.9 +4.7 Great
Slide 42: Steady Non-Interest Income Mix Underpins Diversity
Steady Non-Interest Income Mix Underpins Diversity Non-Interest Income (Non-NII) and Non-NII Ratio 50.0% 50.0% 38.7% 38.9% 38.8% 38.1% 40.2% 39.7% 38.6% 5,000 1400 40.0% 35.3% 37.1% 40.0% 25.8% 23.5% 23.4% 24.0% 30.0% 26.2% 1200 22.0% 23.4% 24.1% 24.0% 30.0% 4,000 20.0% 20.0% 1000 3,122 3,071 10.0%
Slide 43: Broad-based Focus in Fee Income
Broad-based Focus in Fee Income Breakdown of Fee Income (SGD m) (SGD m) 2,000 1,883 1,931 531 508 93 492 25 1,731 1,749 74 500 475 23 1,800 59 20 68 114 258 263 433 21 66 1,600 67 273 27 66 39 268 121 134 37 400 33 1,400 63 113 31 111 1,200 498 482 31 134 114 300 114 124 490 1,000 504 110 800 110 41
Slide 44: Staff Costs Tightly Managed as IT Investments Continue
Staff Costs Tightly Managed as IT Investments Continue Operating Expenses and Expense / Income Ratio 44.7% 45.9% 50.0% 45.4% 45.8% 47.2% 45.1% 50.0% 43.1% 45.0% 42.2% 5,000 1400 40.0% 40.0% 1200 4,000 3,696 30.0% 30.0% 3,597 1000 927 957 957 894 918 3,146 2,898 20.0% 20.0% 3,000 1,291 1,360 800 329
Slide 45: IT Investments Geared towards Products and Digital Capabilities
IT Investments Geared towards Products and Digital Capabilities IT investments over 2014-2016 (cSGD0.7b) Security, 4% Increase in Fee and Trading Capabilities Global Market Platform Customer flow income: +8%1 Regulatory, 17% Cash Management Product Data mobility/ capabilities, Transaction banking in
Slide 46: Exposure to Commodities
Exposure to Commodities Oil and gas As of Traders/ Other commodity Upstream Total 31 Mar 2017 downstream segments industries2 industries Total exposure1 SGD5.2b SGD12.5b SGD10.5b SGD28.2b Outstanding SGD4.6b SGD7.3b SGD7.5b SGD19.4b loans 5% of total loans 8.5% of total loans Total exposure, inclu
Slide 47: Formation of Non-Performing Assets Has Eased in 4Q16
Formation of Non-Performing Assets Has Eased in 4Q16 1Q16 2Q16 3Q16 4Q16 1Q17 SGD m SGD m SGD m SGD m SGD m NPA at start of period 3,066 3,016 3,164 3,632 3,480 New NPA 344 802 780 387 424 Upgrades, recoveries and (235) (548) (201) (320) (293) translations Write-offs (159) (106) (111) (219) (68) NPA
Slide 48: NPL Ratio Stable at 1.5%, with NPLs Mainly from Singapore and Indonesia
NPL Ratio Stable at 1.5%, with NPLs Mainly from Singapore and Indonesia NPL ratio 1.4% 1.4% 1.6% 1.5% 1.5% NPLs1 (SGD m) 2,841 3,056 3,496 3,328 3,399 3,600 255 245 257 3,100 303 206 307 304 Others 176 2,600 401 565 638 623 158 564 Greater China 293 2,100 370 564 264 360 466 Indonesia 1,600 250 451
Slide 49: Easing Specific Allowances; Total Credit Costs Stable
Easing Specific Allowances; Total Credit Costs Stable Allowances on Loans 57bp from 36bp from 2000 800 existing NPLs existing NPLs 100bp 100bp 1800 700 76bp 1600 45bp 53bp 49bp 30bp 32bp 32bp 50bp 600 32bp 32bp 50bp 1400 32bp 500 32bp 32bp 32bp 1200 25bp 23bp 19bp 0bp 0bp 8bp 12bp 1000 400 800 300 (
Slide 50: Countercyclical Approach in General Allowance Supports High Reserve Cover
Countercyclical Approach in General Allowance Supports High Reserve Cover Total 150.0% 133.2% 125.6% 112.4% 118.0% 118.1% Allowances / Total NPL (%) 100.0% General 50.0% Allowances / Gross Loans 0.0% net of Specific 1.5% 1.5% 1.4% 1.2% 1.1% Allowances (%) -50.0% 4,500 4,000 Specific Allowances 3,500
Slide 51: Exposure to China
Exposure to China Total as of 31 Mar Bank exposure in China 2017 = SGD25.0b 98% with <1 year tenor or 7.3% of total assets Around 77% accounted for by top 5 domestic banks and policy banks Trade exposures mostly with bank counterparties, Bank, representing slightly more than half of bank expos
Slide 52: Exposure to Europe
Exposure to Europe As of As a % of Non-bank Bank Debt securities Total 31 Mar 2017 total assets Europe SGD3.5b SGD3.5b SGD1.0b SGD8.0b 2.3% of which UK SGD2.4b SGD0.8b SGD0.2b SGD3.4b 1.0% Minimal direct impact from Brexit Bulk of UK non-bank exposure is secured and denominated in GBP Consumer m
Slide 53: Stable Liquidity Position
Stable Liquidity Position Customer Loans and Deposits; Loan/Deposit Ratios (LDR); and Liquidity Coverage Ratios (LCR) All-currency LCR (%) 139% 167% 148% 162% 154% SGD LCR (%) 169% 224% 213% 275% 232% 95.0% 88.1% 91.9% 89.7% 89.7% 87.8% SGD LDR (%) 85.0% 85.0% 86.8% 86.7% 84.0% Group LDR (%) 75.0% 8
Slide 54: Strong Capital and Leverage Ratios
Strong Capital and Leverage Ratios 7.4% 7.5% 7.4% 7.6% 7.0% Leverage ratio 1 5.0% Total CAR 2 20.0% 16.0% 15.9% 16.6% 16.2% 17.3% 0% 18.0% 16.0% 3.5% -20000% Tier 2 CAR 2 3.2% 2.7% 3.1% 3.1% 14.0% 0.6% 0.1% 0.1% 0.1% Tier 1 CAR 2 12.0% -40000% 10.0% 8.0% -60000% CET1 CAR 2 6.0% 12.8% 13.1% 13.4% 13.
Slide 55: Stable Dividend Payout
Stable Dividend Payout 20 5 5 35 35 50 50 35 35 20 20 2013 2014 2015 2016 Net dividend per ordinary share (¢) Interim Final Special UOB 80th Anniversary Payout amount (SGD m) 1,182 1,201 1,444 1,135 Payout ratio (%) 39 37 45 37 Note: The Scrip Dividend Scheme was applied to the final and special div
Slide 56: UOB's Covered Bond Program
UOB’s Covered Bond Program 56
Slide 57: Covered Bond Program Summary
Covered Bond Program Summary USD8,000,000,000 Global Covered Bond Programme Issuer United Overseas Bank Limited Issuer Long Term Rating Aa1 (stable) / AA- (stable) / AA- (stable) (Moody’s / S&P / Fitch) Issuer Short Term Rating P-1 (stable) / A-1+ (stable) / F1+ (stable) (Moody’s / S&P / Fitch) Prog
Slide 58: Covered Bond Structure
Covered Bond Structure ■ Notwithstanding that CPF’s consent is required for the transfer or assignment of mortgages relating to CPF Loans, no such consent is required for a declaration of trust over mortgages relating to CPF Loans. The Seller is acting as the Assets Trustee and the CPF Loans are hel
Slide 59: Our Cover Pool Profile
Our Cover Pool Profile Overview of Cover Pool (as of Apr ‘17) Current Loan Balances Mainly <S$1m Number of Mortgage Loans 9,096 Total Current Balance (SGD) 5,787,880,84 Average Current Loan Balance 636,311 (SGD) Maximum Current Loan Balance 8,389,949 (SGD) W.A. Current Interest Rate 2.00% W.A. Seaso
Slide 60: Cover Pool has Remained Stable
Cover Pool has Remained Stable Primarily Apartments/ Condominums Diversified Geographical Distribution Strong Legal Protection by EA/ DOT Borrowers mainly Citizens / PRs 60
Slide 61: Cover Pool has Remained Stable
Cover Pool has Remained Stable Majority Owner Occupied Loans Mainly for Purchases Well Seasoned Portfolio (in months) Stable Profile for Remaining Loan Tenors 61
Slide 62: Structural Features/Enhancements
Structural Features/Enhancements ► The Covered Bonds will be direct, unsecured and unsubordinated obligations of the Issuer Credit Structure (Dual Recourse) ► The CBG guarantees the payment of principal and interest under the Covered Bonds pursuant to the Covered Bond Guarantee and secured by the Co
Slide 63: Key Programme Rating Triggers
Key Programme Rating Triggers Moody’s Trigger S&P Trigger Trigger Event Descriptions Long- Short- Events Long- Short- Events ► The Pre-Maturity Test is performed daily for 12 months prior to term term term term the Maturity Date in relation to a hard bullet Covered Bond ► If UOB’s unsecured and unsu
Slide 64: Asset Coverage Test (ACT)
Asset Coverage Test (ACT) SGD Equivalent of the Aggregate Outstanding Adjusted Aggregate Loan Amount Nominal Amount of all Covered Bonds Tested monthly on every Test Date prior to the service of a Notice to Pay and for so long as any Covered Bonds remain outstanding Failure of meeting the ACT on
Slide 65: Amortisation Test
Amortisation Test SGD Equivalent of the Aggregated Outstanding Amortisation Test Aggregate Loan Amount Nominal Amount of the Covered Bonds Tested monthly on every Test Date following the service of a Notice to Pay but prior to the service of a CBG Acceleration Notice and for so long as Covered Bon
Slide 66: Equitable Assignment -v- Declaration of Assets Trust Structure
Equitable Assignment -v- Declaration of Assets Trust Structure Equitable Assignment (EA) Declaration of Assets Trust (DOT) • Method of Sale - By way of equitably assigning its rights • Method of Sale – the Seller will declare an asset trust over in the mortgage loans to CBG the mortgage loans in fav
Slide 67: Thank You
Thank You tt UOB RIGHT BY YOU
United Overseas Bank — Debt Investor Presentation (June 2017) on 6ix