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SINGAPORE: UOB said it will merge its two Indonesian subsidiaries into a single entity to comply with the local central bank's policy.
PT Bank UOB Indonesia (UOBI) and PT Bank UOB Buana (UOBB) will be merged, with PT Bank UOB Buana remaining as the surviving bank.
The merger is subject to shareholders approval of both banks and the relevant regulatory authorities.
The target effective date of the merger is June 30 this year.
Following the merger, all of UOB-Indonesia's assets and liabilities will legally vest in UOB Buana, and UOB Indonesia will be liquidated.
The merger is not expected to have a significant impact on the financial position of the UOB Group for the financial year ending December 31.
- CNA/yb
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