United Overseas Bank may sell indirect insurance stake in Malaysia
United Overseas Bank (UOB) said on Tuesday that its 33.37 per cent indirect shareholding in Malaysian general insurer Uni.Asia General Insurance (UAG) may be sold.
UOB owns 49 per cent of Uni.Asia Capital which in turn owns 68.09 per cent of UAG.
Uni.Asia Capital has asked Bank Negara Malaysia for approval to sell its UAG stake, to Liberty UK And Europe Holdings.
The divestment is subject to the obtaining of regulatory approvals.