UOB to buy stake in Bank Buana

The second of Singapore''s big three banks looks to invest in the Indonesian banking sector.
April 06, 2004

UOB yesterday announced that it had entered into an exclusive arrangement "to conduct due diligence with a view to acquiring a 23% stake" in Bank Buana Indonesia. The curious announcement makes no mention of any price agreed and has caused analysts to wonder what is going on. Officials at UOB would not comment further.

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