UOB Confident to Hit High Single Digit Loan Growth: CFO

The transcript discusses the positive momentum in economic recovery, with strong loan growth and consumer confidence. It outlines expectations for loan growth in 2022, emphasizing optimism for an Asian recovery. The strategic acquisition of Citi's assets is highlighted as a significant move, with funding plans and integration challenges discussed. The transcript also covers digital currency initiatives, particularly CBDC development with the Monetary Authority of Singapore, and expectations from the upcoming budget, including GST and wealth tax considerations.

What factors contributed to the economic recovery momentum discussed in the first section?

• Decreasing consumer confidence

• Declining credit card spending

• Rising geopolitical tensions

• Strong loan growth and steady margins

What is the expected range for loan growth in 2022?

• Negative growth

• Mid to higher single digits

• Low single digits

• Double digits

How does the acquisition of Citi's retail assets benefit the company?

• It reduces the company's market presence

• It accelerates the consumer plan by five years

• It decreases the company's capital

• It limits the company's regional expansion

What is identified as the biggest challenge in integrating Citi's assets?

• Product development

• Staff integration

• Customer dissatisfaction

• Regulatory approval

What is the company's approach to working on a CBDC with the Monetary Authority of Singapore?

• They are not interested in digital currencies

• They are optimistic and actively engaged

• They are waiting for other countries to lead

• They are focusing solely on traditional banking

What is the company's stance on the potential wealth tax in Singapore?

• They believe it will cause significant capital outflow

• They think it will not affect most people

• They are against any form of wealth tax

• They have not considered its implications

What is the company's expectation from the upcoming budget in Singapore?

• An increase in interest rates

• A significant increase in corporate taxes

• A smooth transition with minimal impact on low-income consumers

• A reduction in government spending