UOB share price on the brink
Lifetime Membership The last time that I covered UOB was in 2022. Obviously, the landscape has evolved much as interest rates start to ease and subsequent US tariffs upended the entire global trade order. For this reason, the script for UOB share price has to change as the counter endured significant turbulence in the wake of geopolitical tensions.
In 2022, the main talking point for UOB share price was the $5 billion acquisition of Citigroup’s Southeast Asia consumer business. I had predicted that the acquisition might push UOB share price to another league, namely above $30, which it did. However, despite the tailwinds from the Citigroup acquisition and the interest rate hikes, UOB share price did not sustain the bullish momentum and dipped to $27 to $28 bandwidth for the large part of 2023.
However, 2024 surprisingly saw UOB share price gaining momentum, possibly due to strong business growth driven by the integration of Citigroup acquisition. From a long-term perspective, the Citigroup acquisition was an interesting deal that could possibly shape the dynamics between the Singapore banking trio. Notably, this deal marked the first overseas acquisition under the helm of CEO Wee Ee Cheong. Wee Cho Yaw, handed the reins to Wee Ee Cheong in 2007.
Read More