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Saturday, September 12, 2009

UOB Life Assurance up for sale?

I heard this is still a speculation.

UOB Life Assurance up for sale?
Business Times
12 Sep 2009

UNITED Overseas Bank is selling its life insurance unit, according to sources involved in the auction, in an effort to shed a non-core asset and raise up to US$500 million in the process.

Sources say HSBC is advising the company on the sale of the business, known as UOB Life Assurance. Prudential plc is among the global insurers bidding for the company, sources say, with first-round bids arriving a few weeks ago.

When contacted by BT, a UOB Life spokesman said: 'We do not comment on market rumours. However, should there be any development, UOB Life policyholders will be among the first to be informed.'

A Prudential spokesman in London said the company would not comment on market rumour or speculation about specific companies. But he added Prudential would evaluate any opportunity against strict financial criteria with a view to delivering value for shareholders. -- Reuters

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