UOB raises stake in Bank Buana

UOB raises stake in Bank Buana

SINGAPORE: United Overseas Bank Ltd. (UOB) said on Wednesday
its stake in Bank Buana Indonesia had risen to 61.1 percent from
53 percent following a tender offer for shares in the Indonesian
lender.

UOB, Singapore's second-largest banking group by market
capitalization, said it received acceptances for 466.8 million
Bank Buana shares, representing approximately 8.1 percent of the
Indonesian bank's total share capital, at the close of the offer
on Monday.

The offer of Rp 954 per Bank Buana share was made on Nov. 21,
2005.

Besides Singapore and Indonesia, UOB also has a large presence
in Malaysia and Thailand. -- Dow Jones