UOVEY United Overseas Bk (PK)

   By Gaurav Raghuvanshi 
 

SINGAPORE--Singapore's United Overseas Bank Ltd. (U11.SG, UOVEY) Tuesday said its unit has signed an agreement with ING Groep N.V. (ING, INGA.AE) to buy the Dutch company's funds-management unit in Thailand.

UOB Asset Management Ltd. will pay 10 million euros (US$12.77 million) to buy all the shares of ING Funds (Thailand) Co. Ltd., according to a statement to the Singapore Exchange.

ING Funds (Thailand) operates mutual funds, provident funds, private funds and property funds with approximately EUR2.9 billion in assets under management, according to the statement.

Write to Gaurav Raghuvanshi at gaurav.raghuvanshi@dowjones.com

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