ABN AMRO to sell its stake in Bank of Asia to United Overseas Bank

Bangkok--May 12--Weber Shandwick (Thailand) ABN AMRO announced today that it has signed a sale and purchase agreement with United Overseas Bank Limited (UOB) for the sale of ABN AMRO's 80.77 per cent stake in Bank of Asia. Under the terms of the agreement, UOB will pay THB 5.35 per share in cash or total cash consideration of THB 22,019 million (EUR 462 million) for the stake. Completion of the transaction is expected by the third quarter of this year and is subject to certain pre-conditions being satisfied, including the obtaining of regulatory approvals from the Bank of Thailand and the Ministry of Finance in Thailand. The sale of its stake in Bank of Asia is in line with ABN AMRO's strategy to allocate its resources to those markets generating the highest possible benefits for its clients and shareholders and should also be seen in the context of the Financial Master Plan in the Thai banking sector. ABN AMRO remains committed to the Asian-Pacific markets, in Thailand by maintaining its branch presence in order to serve its corporate and institutional clients. Bank of Asia is a full-service retail and commercial bank, and operates with a network of approximately 130 branches and 300 ATMs located throughout Thailand. It provides a full range of banking, insurance, investment and other financial products and services to both consumer and commercial customers. Under the Stock Exchange of Thailand regulations, if completion of the proposed transaction occurs, UOB will be required to make a tender offer for the outstanding shares in BOA it does not own upon completion.ABN AMRO Corporate Finance is acting as exclusive financial adviser to ABN AMRO on this transaction. About ABN AMRO Netherlands-based ABN AMRO is a leading international bank with total assets of EUR 639.9 bn (as at 31 March 2004). It has over 3,000 branches in more than 60 countries and territories, and has a staff of about 110,000 full-time equivalents worldwide. ABN AMRO is listed on the Euronext, London and New York stock exchanges. For more information please contact Charles Skeeles +852 2700 5251 or Weber Shandwick (Thailand) Limited Khun Lakpilai Worasaphya 662 257 0300 # 312 End. -NM-

• ข่าวUnited Overseas Bank
• ข่าวWeber Shandwick
• ข่าวthe transaction
• ข่าวo:fin
• ข่าวo:loc