United Overseas Bank, the Singapore-based financial services firm, has announced plans to add 2,000 staff to its Asian network in 2011.

The news came alongside the posting of a 35 per cent rise of after-tax profits for the fourth quarter of 2010 to S$706 million (around $555 million), from S$522 million in the previous year. The result was mostly attributed to a 25 per cent rise in fee and commission income, leading the company to outdo its key rivals. DBS posted S$678 million in earnings for the quarter, while OCBC posted S$505 million in net gains.

For the whole of last year, UOB made a profit of S$2.7 billion, a rise of 41.8 per cent from 2009, the bank said.

"What we are doing in the region is to integrate our regional branches to create a common platform and we are transforming a collection of banks into a fully integrated region of banks," Wee Ee Chong, deputy chairman and chief executive of UOB, said in a statement.

The bank said it plans to expand its service network from 29 wealth management centres to 64 by the year 2015. This includes also boosting profit contributions from mass affluent and high net worth clients from the current 35 per cent to as much as 50 per cent by the same year.

"I believe, in the next few years, the region is the one that will generate a lot of potential benefit for us. We expect momentum to grow especially in Malaysia, Indonesia, and Thailand" added Chong.

Shares closed Friday at $1.69 each, up 42 per cent. Return on equity was up 14.3 per cent, from 11.9 per cent. Full-year dividen payout was out 70 cents.