(Thai) Annual Report 2005 - United Overseas Bank

In addition, the Bank also has loans to its executive officers from Senior Vice President level upwards and
their close family members with the outstanding balance as at 31 December 2005 and 2004 of Baht 36 million
and 30 million, respectively and the average balance for the year then ended of Baht 25 million and 45 million,
respectively.
On 27 July 2004 ABN AMRO Bank, the former major shareholder of the Bank, completed the sale of all its shares
in the Bank, representing 80.77% of the issued shares of the Bank, to United Overseas Bank Limited ( UOB ).
Accordingly, UOB has become a current major shareholder of the Bank since then.
On 9 August 2004, UOB made a tender offer for the remaining shares from minor shareholders at a price of
Baht 5.35 per share. Completion of this transaction occurred on 8 October 2004, as a result of which
UOB purchased an additional 780 million shares, representing 15.31% of total shares, for a total sum of
Baht 4,175 million. Accordingly, UOB increased its shareholding in the Bank from 80.77% to 96.09%.
Subsequently to the tender offer as mentioned in a previous paragraph, UOB had continued purchasing shares
of the Bank. Accordingly, as at 31 December 2005 UOB’s stake in the Bank was approximately 98.52%.
Significant transactions, outstanding balances, income and expenses incurred with related parties, apart
from those disclosed in the other notes, consisted of the following :-
(Unit : Million Baht)
CONSOLIDATED
For the year ended 31 December
2005 2004
Group Group Former
of major of major major
Associated Related shareholder Associated shareholder shareholder
company Companies (UOB) Total company (UOB) (ABN AMRO) Total
Interest income - 99 22 121 - 2 1 3
Gain on exchange - - 183 183 - - - -
Commission and
service income 20 - - 20 20 - - 20
Interest expenses - 3 - 3 - - 132 132
Other expenses - - 1 1 - - - -
Insurance expenses 4 - 11 15 15 10 - 25
Commission and
service expenses - 11 19 30 - - 45 45
Premises and
equipment expenses - - 7 7 - - 9 9
United Overseas Bank (Thai) Public Company Limited 83