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04-07-2008, 05:54 PM

abhinav2492 abhinav2492 is offline

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Singapore's UOB says it buys a stake in Chinese bank

Singapore's United Overseas Bank (UOB) announced that it has acquired a 15.38 percent stake in China's Evergrowing Bank Co.

The investment in Evergrowing Bank affords UOB an opportunity to participate actively in the growth of the Chinese market. 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.

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