United Overseas Bank says net gained 15% following acquisition.

Australasian Business Intelligence, March, 2003

Mar 04, 2003 (The Asian Wall Street Journal - ABIX via COMTEX)

United Overseas Bank reported a 15 per cent increase in net profit for 2002. The bank said that the increase was achieved thanks to a significant contribution from the recently acquired Overseas Union Bank. Net income was at $S1.06 billion ($US610.3 million). The company made $S924.6 million in 2001. Wee Cho Yaw, chairman and chief executive of the bank, said that the reduction of the bank's stake in pharmaceutical company Haw Par Corporation from 41 per cent to 10 per cent contributed $S90 million to the bank's full year results.

Publication Date: 3 March 2003

UNITED OVERSEAS BANK LIMITED: 

OVERSEAS UNION BANK LIMITED:

HAW PAR CORPORATION LIMITED

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