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UOB Indonesia to merge with UOB Buana
JAKARTA: PT UOB Indonesia will merge with PT UOB Buana in order to comply with the central bank's single-presence policy, which prohibits companies from owning more than one bank
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J
AKARTA: PT UOB Indonesia will merge with PT UOB Buana in order to comply with the central bank's single-presence policy, which prohibits companies from owning more than one bank.
The merger plan, which will become legally effective in June this year, was approved by both banks' shareholders during an extraordinary meeting in Jakarta on Thursday, UOB Buana president director Armand Bachtiar Arief said after the meeting.
"The merger is needed for us to comply with the single-presence policy," he said.
Singapore-based UOB International Investment Private Ltd (UOBII) owns 99 percent of UOB Buana. The company also has a 99 percent stake in UOB Indonesia.
UOB Buana reported net profits of Rp 443.92 billion (US$49.3 million) in 2009, while UOB Indonesia booked net profits of Rp 389 billion ($43.2 million) in the same year.
