UOB's newest $16-million acquisition revealed

Say hello to ING Funds Thailand.

In a statement, United Overseas Bank announced that its wholly-owned subsidiary, UOB Asset Management, has entered into a Sale & Purchase Agreement with the ING Group for the acquisition of all the shares in ING Funds (Thailand) Company.

The completion of the Acquisition is conditional upon regulatory approvals being obtained in Europe, Thailand and Singapore. After completion of the Acquisition, the Company will become a subsidiary of UOBAM.

The consideration for all the shares in the Company is €10 million (S$16 million) and will be satisfied in cash on completion using UOBAM’s internal resources.

The consideration was arrived at on a willing-buyer-willing-seller basis and took into account various factors including the capital, net asset value and assets under management of the Company.

As at 30 September 2012, the net asset value of the Company was approximately THB 105 million (S$4 million), and the Company had assets under management of approximately THB 113,841 million (S$4,544 million).

The Acquisition is not expected to have a material impact on earnings or the net tangible assets of UOBAM or the UOB Group for the current financial year.

The Acquisition would further strengthen UOBAM’s Asian franchise and presence and is in line with the UOB Group’s regionalisation plans.

Mr Terence Ong, Chairman of UOBAM, said, “The acquisition of the ING investment management business in Thailand will help us grow the franchise of UOBAM to become one of Asia’s premier asset management companies.”