UOB subsidiary to acquire ING Funds Thailand

Purchase part of strategic regional expansion.

United Overseas Bank Limited (UOB) announced through a release that its wholly-owned subsidiary, UOB Asset Management Limited (UOBAM), has entered into a Sale & Purchase Agreement with the ING Group for the acquisition of all the shares in ING Funds (Thailand) Company Limited.

"The acquisition would further strengthen UOBAM’s Asian franchise and presence and is in line with the UOB Group’s regionalisation plans," said UOB.

Mr Terence Ong, Chairman of UOBAM, said, “The acquisition of the ING investment management business in Thailand will help us grow the franchise of UOBAM to become one of Asia’s premier asset management companies.”

The completion of the acquisition is conditional upon regulatory approvals being obtained in Europe, Thailand and Singapore. After completion of the acquisition, the company will become a subsidiary of UOBAM.

UOB said that the consideration for all the shares in the company is €10 million (S$16 million) and will be satisfied in cash on completion using UOBAM’s internal resources.

The consideration was arrived at on a willing-buyer-willing-seller basis and took into account various factors including the capital, net asset value and assets under management of the company. As at 30 September 2012, the net asset value of the company was approximately THB 105 million (S$4 million), and the company had assets under management of approximately THB 113,841 million (S$4,544 million).