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Singapore's UOB says may sell preference shares

Mon Aug 18, 2008 9:26pm EDT

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SINGAPORE, Aug 19 (Reuters) - United Overseas Bank (UOBH.SI), Singapore's second-biggest bank by assets, is considering the sale of preference shares, the bank said on Tuesday.

The bank said in a statement the sale is subject to approval from the Singapore Exchange, but did not disclose the size of the offering. The statement was released after trading of its shares was halted following a report in the Straits Times newspaper that the bank may sell S$1 billion ($708 million) in preference shares, joining its rivals in boosting its capital.[ID:nSIN91746].

Singapore banks such DBS (DBSM.SI) and Oversea-Chinese Banking Corp (OCBC.SI) have recently sold preference shares -- perpetual securities which have no redemption date -- to boost capital in the wake of rapid loan growth. (Reporting by Saeed Azhar; Editing by Jan Dahinten)



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