Nov 29, 2012
Amsterdam, November 20th 2012 – ING announced today that it has reached agreement to sell its investment management business in Thailand to UOB Asset Management Ltd (UOBAM).
Under the terms agreed, ING will receive a total cash consideration of EUR 10 million for the investment management business in Thailand. The transaction, which is subject to regulatory approvals and is expected to close in the first half of 2013, does not impact ING’s other businesses in the region.
ING’s investment management business in Thailand is among the top 3 foreign fund management houses in the country. It manages approximately EUR 2.9 billion of assets for local clients, the majority of which are third party.
Established in 1986, UOBAM is a wholly-owned subsidiary of United Overseas Bank Ltd and has been managing collective investment schemes and discretionary funds in Singapore for more than 26 years. As of 30 September 2012, UOBAM manages about S$25 billion in clients' assets. In addition to Singapore, UOBAM also has investment operations in Malaysia and Thailand.
Re-disseminated by The Asian Banker