United Overseas Bank, the Singaporean bank, has announced that it is buying the funds management business of ING Groep in Thailand.

UOB Asset Management, its asset management arm, will purchase the entire Thai business for €10 million ($12.77 million). ING Funds operates provident funds, private funds, mutual funds and property funds in Thailand and has around €2.9 billion in assets under management. 

The takeover will be funded using UOB's own funds. Completion is expected by the first half of 2013, pending regulatory approvals from Singapore, European and Thai authorities.