Baiduri Bank has acquired the Brunei retail banking arm of United Overseas Bank (UOB) for BND65m ($46.8m).

The sale, reached on a willing-buyer-willing-seller basis, took into account income potential and estimated loan defaults of the retail banking division.

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UOB said that the sale is in line with the group’s strategy to rationalise its Brunei operations and achieve cost efficiencies.

Upon acquisition, banking and credit facilities made to customers of UOB Brunei and the current, saving and fixed deposit accounts maintained by the UOB Brunei clients will be transferred to Baiduri Bank.

The sale of the Brunei unit is not expected to impact earnings or the net tangible assets of the UOB Group for the current financial year, UOB added.

UOB Brunei will however, continue to deliver wholesale banking services to Brunei clients, and also continue its asset management presence in the region.

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