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SINGAPORE : United Overseas Bank (UOB) says it is in talks that may lead to a strategic investment in Vietnam's Southern Commercial Joint Stock Bank or Southern Bank.
It has entered into a Heads of Agreement with the bank.
Parties are now negotiating the definitive agreements for the investment and UOB is currently conducting due diligence on Southern Bank.
Southern Bank is a joint stock commercial bank with assets of about US$498 million.
If UOB does go ahead with the investment, it will be following in the footsteps of another Singapore bank.
Oversea-Chinese Banking Corp bought a 10 percent stake in Vietnam Joint-Stock Commercial Bank for Private Enterprises for about S$25 million last year. - CNA /ls
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