SINGAPORE: United Overseas Bank (UOB) said on Thursday that it has officially opened a sub-branch in Beijing.

With this new branch, the lender's presence in northern China now comprises three branches and one sub-branch in Shenyang, Tianjin and Beijing.

The new sub-branch will offer a comprehensive range of foreign currency banking services to all customer segments.

It will also offer yuan-denominated banking services to foreign and local companies, as well as foreign individuals.

These banking services include deposits, loans, project and trade financing, guarantees, bills discounting and foreign currency exchange.

UOB is preparing to apply for a retail yuan licence for the sub-branch in order to extend these services to Chinese citizens.

- CNA/sc