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Singapore's UOB confirms China JV plans with Ping An

Thu Jun 12, 2008 11:12pm EDT

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SINGAPORE, June 13 (Reuters) - Singapore's United Overseas Bank UOBH. is seeking a joint venture fund management company with Ping An Securities Company to tap the Chinese market, confirming a Reuters story on Thursday.

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The bank said in a statement late on Thursday it is waiting for regulatory approval for the firm. UOB would have a 25 percent stake in the joint venture firm, while Ping An Securities will hold a 75 percent share.

Reuters reported on Thursday that Ping An Securities, a unit of Ping An Insurance (Group) Co of China Ltd (2318.HK) (601318.SS), won approval to set up a fund management's joint venture with UOB Asset Management. [ID:nSHA326969]

"The regulator has given Ping An the nod to prepare for launching the firm. Once completed, it will have to seek a final approval from the regulator again to officially announce the launch of the firm," one of the sources told Reuters.

"But they should have no problem to get final approval as long as they can complete the preparatory work successfully." (Reporting by Saeed Azhar in Singapore and George Chen in Shanghai; Editing by Louise Heavens)

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