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City state player boosting capital platform

City state player boosting capital platform

(Singapore) - United Overseas Bank (UOB), Singapore's biggest domestic debt provider, is looking to take two of its finance subsidiaries, Overseas Union Trust and Industrial & Commercial Bank, private. The transactions will enable UOB to increase its capital base, which slipped last year following the Bank's takeover of number 4 ranked Overseas Union Bank, by extracting excess capital for redeployment within UOB itself.

Merrill Lynch has been mandated as financial adviser to UOB for both transactions.

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