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SINGAPORE'S United Overseas Bank (UOB) said on Thursday it has acquired a 15.38 per cent stake in China's Evergrowing Bank.
The stake, worth 780 million yuan (S$155 million), will be funded in cash from internal resources, the Singapore bank said.
'The investment in Evergrowing Bank affords UOB an opportunity to participate actively in the growth of the Chinese market,' it said in a statement, adding the deal is subject to approval from Chinese regulators.
UOB is one of three Singapore banks and has a regional presence including subsidiaries in Malaysia, Indonesia, China and Thailand.
Evergrowing Bank, which is unlisted, has a network of 81 branches in the country, concentrated mainly in the Yantai region. -- AFP
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