United Overseas Bank: Unit to Pay EUR10 Million for ING Funds (Thailand)
20 November 2012 - 1:08AM
Dow Jones News
By Gaurav Raghuvanshi
SINGAPORE--Singapore's United Overseas Bank Ltd. (U11.SG, UOVEY)
Tuesday said its unit has signed an agreement with ING Groep N.V.
(ING, INGA.AE) to buy the Dutch company's funds-management unit in
Thailand.
UOB Asset Management Ltd. will pay 10 million euros (US$12.77
million) to buy all the shares of ING Funds (Thailand) Co. Ltd.,
according to a statement to the Singapore Exchange.
ING Funds (Thailand) operates mutual funds, provident funds,
private funds and property funds with approximately EUR2.9 billion
in assets under management, according to the statement.
Write to Gaurav Raghuvanshi at
gaurav.raghuvanshi@dowjones.com
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