Business Services Industry
Allied Irish Banks to Acquire Stake in Singapore Bank.
Knight Ridder/Tribune Business News, June, 1999 by Evening Standard, London
Knight Ridder/Tribune Business News
Jun. 2 -- Allied Irish Banks has agreed to take a stake of up to 24.9 percent in Keppel TatLee Bank, Singapore's smallest bank, in a deal that could be worth more than $1.5 billion (UKpound 540 million).
Under the complex agreement, Allied is to be issued with S$350 million of bonds with a 1 percent coupon rate and 350 million warrants which can be converted into Keppel shares over three years. Allied Irish's total investment would be S$1.5 billion if all the warrants were to be exercised.
Allied's option to buy a stake in Keppel TatLee is the first significant move by a foreign bank since Singapore announced banking re-form measures last month. The government is trying to encourage domestic banks to move...
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