UOB buys more shares in troubled Hengfeng Bank for 1.86b yuan
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Singapore
UNITED Overseas Bank (UOB) announced on Wednesday after trading hours that it is buying an additional 1.86 billion shares in troubled Chinese mid-sized lender Hengfeng Bank Co for 1.86 billion yuan (S$360.4 million) as part of a subscription agreement.
Following the transaction, which is subject to regulatory approvals, UOB will hold a total of 3.34 billion shares in Hengfeng Bank. Despite the additional shares, its stake will be reduced from 13 per cent to 3 per cent.
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