Business Services Industry
United Overseas Bank wants purchase outside Singapore.
Australasian Business Intelligence, September, 2003
Sep 18, 2003 (The Asian Wall Street Journal - ABIX via COMTEX)
Singaporean-based United Overseas Bank has plans to make several acquisitions in Thailand and Indonesia over the next two years. Wee Cho Yaw, chairman of the bank, said that the bank is looking for attractive acquisitions in order to raise its return on equity, currently at eight per cent. Wee also said that he will stay as chairman of the company as long as his health allows him to do so. He is preparing his son, Wee Ee Cheong, who is currently deputy chairman, to take over the post by 2009. The bank raised $US1 billion through a bond issue which can be used for acquiring new assets.
Publication Date: 17 September 2003
UNITED OVERSEAS BANK LIMITED
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