Following in the wake of its merger last year with OUB to become Singapore's biggest bank, UOB is set to take private a couple of listed subsidiaries.
The subsidiaries in question are Overseas Union Trust of which it owns 52.86% and Industrial Commercial Bank of which it owns 87.45%. The banks have a collective net asset value of S$1.25 billion and UOB will pay out S$168 million to privatize them and buy out minorities.
ING will act as independent financial advisor to the board, and will give a fairness opinion on the offer.
On the surface, UOB seems to be putting its house in order and tidying up its organization structure, readying for more...