Keep abreast with the latest at UOB

UNITED OVERSEAS BANK TO SELL ITS STAKE
IN ASSOCIATE, OUB MANULIFE PTE LTD

Move will allow joint venture partners
to develop their respective strengths

Singapore, 22 July 2002 - United Overseas Bank Limited ("UOB") announces today that it has entered into an agreement ("the Sale and Purchase Agreement") to sell its entire 50% stake in its life insurance associate, OUB Manulife Pte Ltd ("OUB Manulife") to its existing joint venture partner, The Manufacturers Life Insurance Company ("ML"). ML currently owns the other 50% in OUB Manulife.

The transaction is subject to certain conditions precedent, including the approvals of the applicable regulatory authorities. Upon the completion of the Sale and Purchase Agreement, OUB Manulife will cease to be an associate of UOB.

The sale and purchase of OUB Manulife will allow both joint venture partners to concentrate on and develop their respective strengths.

For UOB, the sale of its share in OUB Manulife is in line with the Bank's strategy to develop its bancassurance business in Singapore and the region. This will enable the Bank to offer greater choices to its customers, especially in the area of wealth management, through its vast regional network.

For ML, the purchase of UOB's stake in OUB Manulife will enable the company to expand its operations in Singapore primarily through an expanded agency force.

For further information, please contact:

Mrs Nancy Lai

UOB Corporate Affairs Tel: (65) 6539 3986 Fax: (65) 6538 2559 Email: Nancy.Lai@UOBgroup.com

Home    Personal Banking    Business Banking    Investor Relations
Contact Us    Help    Privacy & Security    Important Information