Dutch financial group ING Groep NV (AMS:INGA) on Tuesday revealed a EUR10m (USD12.8m) cash deal for the sale of its Thailand investment management business to UOB Asset Management Ltd (UOBAM).
ING claims that ING Funds (Thailand) Company Limited ranks among Thailand’ top three foreign fund managers with some EUR2.9bn worth of assets managed on behalf of local clients. It runs mutual funds, provident funds, private funds and property funds. The Dutch group expects the sale to have no impact on its other operations in the region, it said.
Singapore-based United Overseas Bank Limited (SGX:U11), or UOB, the parent of UOBAM, also announced the deal, saying that its unit will use its own resources to finance it.
UOBAM expects the acquisition to support the growth of its franchise as it aims to convert it into one of Asia’s top asset managers.
Completion is expected to occur in the first half of next year, pending clearance from regulators in Europe, Thailand and Singapore.
For more on ING’s disposals, click here.