SINGAPORE : United Overseas Bank has signed a letter of intent to make a strategic investment in China's Evergrowing Bank.
In its filing to the Singapore Exchange on Monday, UOB did not reveal the size of its potential investment.
UOB says the two parties will negotiate the definitive agreements for the investment and a due diligence will be conducted on Evergrowing Bank.
UOB said it would make an appropriate announcement in due course.
The investment would be subject to regulatory approval.
There had been recent speculation that investment firm Temasek Holdings was interested in buying a 20 percent stake in Everygrowing Bank.
But the Chinese lender has denied that market talk.
Evergrowing Bank is a small regional bank established in 1987 and is based in Yantai, in China's Shandong province.
It was previously known as Yantai Housing Savings Bank.
It was largely in the housing credit and settlement business until 2003 when it completed a joint-stock restructuring, changed its name, and became a joint-stock commercial bank.
The lender has set up branches in China's major cities, including Beijing, Shanghai and Shenzhen.
Evergrowing Bank has a registered capital of one billion Chinese yuan, or S$197 million.
According to the latest available figures, its total deposits reached 27.8 billion yuan by the end of 2005, accompanying total assets of 36.99 billion yuan.
In its filing to the Singapore Exchange on Monday, UOB did not reveal the size of its potential investment.
UOB says the two parties will negotiate the definitive agreements for the investment and a due diligence will be conducted on Evergrowing Bank.
UOB said it would make an appropriate announcement in due course.
The investment would be subject to regulatory approval.
There had been recent speculation that investment firm Temasek Holdings was interested in buying a 20 percent stake in Everygrowing Bank.
But the Chinese lender has denied that market talk.
Evergrowing Bank is a small regional bank established in 1987 and is based in Yantai, in China's Shandong province.
It was previously known as Yantai Housing Savings Bank.
It was largely in the housing credit and settlement business until 2003 when it completed a joint-stock restructuring, changed its name, and became a joint-stock commercial bank.
The lender has set up branches in China's major cities, including Beijing, Shanghai and Shenzhen.
Evergrowing Bank has a registered capital of one billion Chinese yuan, or S$197 million.
According to the latest available figures, its total deposits reached 27.8 billion yuan by the end of 2005, accompanying total assets of 36.99 billion yuan.
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