UOB Annual Report 2002 - United Overseas Bank
UOB Annual Report 2002 - United Overseas Bank
UOB Annual Report 2002 - United Overseas Bank
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
Notes to the Financial Statements<br />
for the financial year ended 31 December <strong>2002</strong><br />
47 Major Associates<br />
Country of<br />
Incorporation Effective Interest<br />
Principal Activities and Business Held by the Group<br />
<strong>2002</strong> 2001<br />
% %<br />
Associates (Quoted)<br />
<strong>United</strong> International Securities Limited Investment Singapore 42 42<br />
<strong>United</strong> <strong>Overseas</strong> Land Limited Property/hotel Singapore 45 45<br />
<strong>UOB</strong>-Kay Hian Holdings Limited Stockbroking Singapore 40 39<br />
Haw Par Corporation Limited<br />
(divested during the year) Conglomerate Singapore * 42<br />
Associates (Unquoted)<br />
Ace Net Financial Services Pte Ltd<br />
Automated teller<br />
machine services Singapore 50 50<br />
Affin-<strong>UOB</strong> Securities Sdn Bhd Stockbroking Malaysia 45 45<br />
Asfinco Singapore Limited Investment holding Singapore 40 39<br />
Clearing and Payment Services Pte Ltd Continuous linked settlement Singapore 33 33<br />
Network for Electronic Transfers<br />
(Singapore) Pte Ltd Electronic funds transfer Singapore 33 40<br />
Novena Square Development Pte Ltd Property Singapore 20 20<br />
Novena Square Investment Pte Ltd Investment Singapore 20 20<br />
Orix Leasing Singapore Limited Leasing/rental Singapore 20 20<br />
OSK-<strong>UOB</strong> Unit Trust Management Berhad Investment management Malaysia 30 30<br />
OUB Manulife Pte Ltd Life insurance Singapore – 50<br />
# OUB Optimix Funds Management Limited Unit trust fund management Singapore – 50<br />
<strong>Overseas</strong> Union Insurance, Limited General insurance Singapore 50 48<br />
PT Bali Walden <strong>UOB</strong> Venture Capital<br />
Venture capital<br />
(under voluntary liquidation) investment Indonesia 20 20<br />
Singapore Consortium Investment<br />
Unit trust<br />
Management Ltd fund management Singapore 33 40<br />
Tower-Ed Sdn Bhd General and life insurance Malaysia 49 –<br />
# <strong>UOB</strong> Investment Consultancy (Beijing) Limited<br />
[formerly known as <strong>UOB</strong> Centek Technology Consultancy and People’s Republic<br />
(Beijing) Investment Consulting Co., Ltd] research services of China – 50<br />
<strong>UOB</strong> Venture Investments Limited Venture capital investment Singapore 21 21<br />
Vertex Asia Limited Investment Singapore 21 21<br />
Walden Asia II Limited Venture capital investment <strong>United</strong> States<br />
of America 25 25<br />
Notes:<br />
* The Group’s interest in this company was divested during the year [Note 19(c)] and the investment has accordingly been classified in investment securities<br />
(Note 30).<br />
# This company was a subsidiary at 31 December <strong>2002</strong> (see Note 46).<br />
48 Authorisation of Financial Statements<br />
On 28 February 2003, the Board of Directors of <strong>United</strong> <strong>Overseas</strong> <strong>Bank</strong> Limited authorised these financial statements for issue.<br />
The Auditors’ <strong>Report</strong> is on page 90.<br />
168