UOB enters into merger agreement with Far Eastern Bank Limited

UNITED Overseas Bank Limited (UOB) announced on Wednesday that it had entered into a merger agreement with its wholly-owned subsidiary, Far Eastern Bank Limited (FEB), with UOB being the surviving merged entity.

The reason for the merger is to effect the full integration of FEB's operations and business into UOB. The integration will increase business efficiencies and customers of FEB will benefit from being part of a larger bank, UOB said.

On the effective date of the merger,which has yet to be announced, the business and all of the property vested in or belonging to FEB, and all of the liabilities to which FEB was subject to, shall be transferred to and vested in UOB.

UOB closed trading at S$22.94 on Wednesday, up one Singapore cent, or 0.04 per cent.