UOB proposes winding up of UIS

Singapore

UNITED Overseas Bank (UOB) has proposed the winding up of its associate, United International Securities (UIS), to avoid more onerous responsibilities that will result from an impending new financial reporting standard (FRS).

But the move, which will also give UIS shareholders a chance to realise their investments, was greeted with cheer by the market, which pushed UIS shares up 27 cents at the close yesterday.