ABN Amro has announced it has completed the sale of a 80.77 % stake in Thailand-based Bank of Asia to United Oveseas Bank (UOB). The agreement for the sale and purchase of Bank of Asia was previously announced by ABN and UOB on May 12, 2004. UOB has paid Bt 5.35 per share in cash or total cash consideration of Bt22.019mn ( €
442mn) for the stake.
The sale of its stake in Bank of Asia is in line with ABN Amro’s strategy to allocate its resources to those markets generating the highest possible benefits for its clients and shareholders and should also be seen in the context of the Financial Master Plan in the Thai banking sector. ABN Amro remains committed to the Asian-Pacific markets, in Thailand by maintaining its branch presence in order to serve its corporate and institutional clients.