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Investor Relations > News Room > News Release Index >
News Release - 8 Aug 2002
MERGER OF UNITED OVERSEAS BANK
LIMITED Singapore, 8 August 2002 - United Overseas
Bank Limited ("UOB") is pleased to announce that the Deputy Prime Minister,
Mr Lee Hsien Loong, had on 6 August 2002 issued the Certificate of Approval
pursuant to Section 14A of the Banking Act (Cap. 19) approving the merger (the
"Merger") of UOB and Industrial & Commercial Bank Limited ("ICB"), in accordance
with the provisions of Sections 14A to 14C and the Fifth Schedule to the Banking
Act (Cap. 19). The Merger will take effect upon the lodgement of, inter alia,
the Certificate of Approval with the Registrar of Companies on 28 August 2002
("the Effective Date"). On the Effective Date, all the undertakings of ICB shall, by operation of law,
be transferred to and vested in UOB as if in all respects UOB were the same
person in law as ICB, and all contracts and agreements entered into by or made
with ICB or to which ICB is a party before and in force on the Effective Date
shall be binding against or in favour of UOB as if UOB had been a party thereto
instead of ICB. The Merger is part of UOB's on-going exercise to consolidate its subsidiaries
for greater efficiency of resources. At the same time, the Merger will enable
UOB to compete more effectively in the competitive domestic market. For further information, please contact:
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| Copyright © 2005 United Overseas Bank Limited. Company Reg No. 193500026Z. All rights reserved. |