Monday, March 01, 2010

UOB merges Indonesian units

Singapore-based United Overseas Bank (UOB) proposes the merger of PT UOB Indonesia and PT Bank UOB Buana to create a Rp33.43 trillion bank.
According to its prospectus published this morning, Bank UOB Buana will be the surviving entity with combined asset of Rp33.43 trillion and equity of Rp6.09 trillion.
After the merger, UOB Buana will have 215 offices. UOB Buana reported net profit of Rp443.9 billion last year, increased from Rp321 billion in 2008. Meanwhile, UOB Indonesia booked net profit of Rp278 billion last year, increased from Rp226 billion in 2008.

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