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.

The sale consideration of RM374.5 million will be settled in cash. UOB said the move is in line with its intention to "rationalise its businesses and focus on building its banking and asset management business".

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