Dutch Bank ABN Amro has picked Singapore's United Overseas Bank Ltd as the winning bidder to buy its 88.77 percent stake in Thailand's Bank of Asia PCL, the Thai bank said on Sunday.
"ABN Amro and UOB have signed an exclusivity agreement to negotiate, finalise and execute the sale and purchase agreement as soon as possible," Bank of Asia said in a statement to the Thai bourse. It gave no other details.
The stake is worth about $540 million, based on Friday's market closing price of 5.20 baht per share.
The announcement came as a surprise, following Thursday's remarks by an executive at the Thai bank who told Reuters the sale had to be delayed because more bidders had asked for extra time for due diligence.
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