The 22bn baht purchase of an 80 per cent stake in the Bank of Asia by United Overseas Bank (UOB), Singapore’s largest bank, is a sign of UOB’s strong commitment to the Thai market, according to its chairman Wee Cho Yaw.
"This acquisition allows us to expand our platform and to elevate the scale of our operations. It also marks a significant step in our mission to be a premier bank in the Asia-Pacific," he said in a statement.
UOB, which holds a 79 percent stake in UOB Radanasin, is expected to merge its Thai unit with the Bank of Asia once the acquisition is completed. The merger of the two banks would create an entity with total assets of 227bn baht and 169 branches nationwide.
