Keep abreast with the latest at UOB

UNITED OVERSEAS BANK GROUP COMPLETES
JOINT VENTURE AGREEMENT WITH DRB-HICOM GROUP
TO DEVELOP INSURANCE BUSINESS IN MALAYSIA

Singapore, 22 November 2002 --- On 1 July 2002, United Overseas Bank Group ("UOB Group") announced that it had, through its wholly-owned subsidiary in Malaysia, United Overseas Bank (Malaysia) Bhd ("UOBM"), entered into a joint venture with Gadek (Malaysia) Berhad ("Gadek"), a wholly-owned subsidiary of the DRB-HICOM Group, to develop life and general insurance businesses in Malaysia.

The UOB Group is pleased to further announce that the joint venture agreement has been completed, with UOBM holding a 49% equity stake (Total cash consideration: RM119.64 million) in the joint venture company, Tower-Ed Sdn Bhd, and Gadek holding a 51% equity stake in Tower-Ed Sdn Bhd (by way of a share swap with its 68% shareholding in South East Asia Insurance Bhd ["SEA"]).

As part of the agreement under the joint venture, Tower-Ed Sdn Bhd now owns 100% of EON CMG Life Assurance Berhad, and 68% of SEA as described above. Prior to its injection into Tower-Ed Sdn Bhd, SEA had acquired the general insurance business of Overseas Union Insurance (Malaysia) Berhad, which is 48% held by Overseas Union Insurance, Limited, an associate of UOB.

For further information, please contact:

Mrs Nancy Lai	Corporate Affairs Division Telephone : (65) 6539 3986 Facsimile : (65) 6538 2559 Email : Nancy.Lai@UOBgroup.com

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