(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.