Banking

UOB invests $202m in China's Evergrowing Bank

(Agencies)
Updated: 2010-07-02 11:14

SINGAPORE?- Singapore's third largest lender United Overseas Bank said on Thursday it invested an additional 1.37 billion yuan ($202m) in China's Evergrowing Bank.

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UOB bought 456 million new shares in Evergrowing at 3 yuan a share.

The purchase was part of a private placement by the Chinese bank which raised its share capital to 6.8 billion yuan from 1.69 billion yuan previously. UOB now controls 12.06 percent stake in the enlarged Chinese bank.