By Singapore Newsroom
KUALA LUMPUR (Jun 29) -- United Overseas Bank is merging with its wholly owned unit Far Eastern Bank, UOB said in an exchange filing late Wednesday.
All of Far Eastern Bank's assets and liabilities will be absorbed by UOB, it said.
The "integration will increase business efficiencies and the customers of Far Eastern Bank will benefit from being part of a larger bank. It is also expected that the merger will enhance the capital efficiencies and incremental income potential of UOB," it said.
The merger is conditional upon Singapore government approval.
- By Singapore Newsroom; email@example.com; +65 6331 6250
- Edited By Glen Nicol Perkinson
- Send Feedback to firstname.lastname@example.org
- Copyright (c) 2017 Nikkei NewsRise Asia Pte Ltd.