UOB gets Bank of Asia on the cheap

ABN AMRO''s forced sale of Bank of Asia proves a steal for UOB at $550 million.

UOB has won its bid to take over Bank of Asia, Thailand's ninth-biggest bank by assets. The 80.77% stake, which it is buying from ABN AMRO, will cost the Singaporean bank Bt22.02 billion $550 million and significantly elevates its presence in the kingdom.

In line with the Bank of Thailand's financial sector masterplan, which dictates that banks must have only one presence in the country, UOB will merge Bank of Asia with UOB Radanasin, its existing local...

To continue reading, please login or register for free

Click for more on: uob | gets | bank | asia | cheap

Print Edition

FinanceAsia Print Edition

CONFERENCES

  • Green Bonds Southeast Asia

    25 May 2017  |  Singapore
    With Green Bonds globally reaching USD200 billion outstanding in 2016, from as little as 30bn just 4 years ago, can SE Asia corporations and ...
  • 2nd Compliance Summit Southeast Asia

    17 August 2017  |  Singapore
    The 2017 Compliance Summit Southeast Asia will take an in-depth look at the key compliance considerations today with a focus on regulation and new ...