United Overseas Bank announces that its wholly-owned subsidiary, UOB Asset Management (UOBAM), has entered into a Sale & Purchase Agreement with the ING Group for the acquisition of all the shares in ING Funds (Thailand).
The completion of the Acquisition is conditional upon regulatory approvals being obtained in Europe, Thailand and Singapore.
The consideration for all the shares in ING Funds (Thailand) is €10 million ($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 ING Funds (Thailand) was THB 105 million ($4 million), and the company had assets under management of THB 113,841 million.
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.”
No comments:
Post a Comment