UOB and SingPost strike home loans deal
United Overseas Bank Limited (UOB) has forged a strategic alliance with Singapore Post Limited (SingPost) to distribute UOB HDB Home Loans.
United Overseas Bank Limited (UOB) has forged a strategic alliance with Singapore Post Limited (SingPost) to distribute UOB HDB Home Loans.
UOB has set up limited purpose branches at selected SingPost post offices to distribute the UOB HDB Home Loans. The latest move extends UOB’s HDB Home Loans’ distribution network beyond its 57 branches.
It also redefines customer convenience beyond the existing branch, ATM and auto lobby networks.
For a start, UOB HDB Home Loans will be available at four SingPost post offices at Hougang,Tampines, Ang Mo Kio and Toa Payoh Central.
UOB and SingPost plan to have up to 24 such post office branches by the end of the year to provide heartlanders with another convenient channel when seeking an HDB Housing Loan.
SingPost presently offers a suite of financial services at its post offices, including insurance products, personal loans, remittance and pawnbroking services. Its partnership with UOB will offer customers yet another avenue to access quality financial services.
Eddie Khoo, UOB’s executive vice president for personal financial services, said: “We constantly look at how best we can offer value to customers, and this initiative is one such example. It is really about bringing convenience to customers by extending the Bank’s distribution network beyond the walls of our own branches to reach customers. Over the long term, we see this as valuable investment on our part as customers will now have an additional channel to shop for their HDB Home Loan.”
He added: “At the macro level, and in the longer term, we see this as a strategic investment as this additional channel enables us to serve our customers better through convenience and accessibility. This is similar to our recent effort where we brought ATMs closer to our customers by placing them at MRT stations and 7-Eleven convenience stores at Shell petrol stations.”
SingPost’s executive vice president for retail & financial Services, Loh Choo Beng, said: “We are happy to make our foray into the HDB home loan distribution market through this collaboration with UOB, a well-trusted and established brand. UOB and SingPost share a common philosophy of creating value for our customers. With this latest service offering, our customers have another channel – and more importantly, a convenient channel – to go to for an HDB Home loan application.”
“We will continue to work with established partners to offer a greater diversity of financial products and services to cater to the different and evolving needs of our customers,” he added.
