<div class=newsTextDataWrapInner>SINGAPORE (Oct 20): United Overseas Bank's Brunei branch has sold its retail banking business to Baiduri Bank Berhad for BND65 million ($65 million).</div>

<div class=newsTextDataWrapInner>By a court declaration, the banking and credit facilities made to individuals who are customers of UOB Brunei and the current, saving and fixed deposit accounts maintained by customers with UOB Brunei will be transferred to Baiduri.</div>

<div class=newsTextDataWrapInner>UOB says the sale consideration of BND 65 million less the deposits in the transferred accounts will be settled in cash, and was arrived on a willing-buyer-willing-seller basis. It also took into consideration account income potential and estimated loan defaults of the retail banking business, among others.</div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner>The sale is in line with the group’s intention to rationalise its businesses and operations to achieve cost efficiencies and to focus on building a business platform that is consistent with the business prospects in the country.</div>

<div class=newsTextDataWrapInner>The sale is also not expected to have any impact on UOB Group for the current financial year.</div>

<div class=newsTextDataWrapInner>UOB Brunei will continue to offer wholesale banking services to clients in Brunei. It will also continue its asset management presence there through UOB Asset Management.</div>

<div class=newsTextDataWrapInner>UOB shares closed 0.2% higher at $20.07.</div>

SINGAPORE (Oct 20): United Overseas Bank's Brunei branch has sold its retail banking business to Baiduri Bank Berhad for BND65 million ($65 million).

By a court declaration, the banking and credit facilities made to individuals who are customers of UOB Brunei and the current, saving and...

UOB’s Brunei branch sells retail banking business to Baiduri Bank Berhad for $65 mil

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Kingdom Holding, majority owned by Prince Alwaleed, said on Wednesday it will resume construction on the tower in Jeddah, more than a decade after the project was first conceived.&nbsp;

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