UOB sells asset management arm to Allianz Global Investors for S$555 million

Published Aug 5, 06:13 AM UTC

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United Overseas Bank (UOB) has announced the sale of its asset management arm to Allianz Global Investors for S$555 million. The transaction includes excess cash and is expected to generate a pre-tax gain of approximately S$330 million for UOB. The deal marks a significant strategic move for the Singapore-based bank, allowing it to focus on its core banking operations while Allianz expands its asset management footprint in Asia. The sale is subject to regulatory approvals and is anticipated to close in the coming months. This divestiture aligns with UOB's ongoing efforts to streamline its business portfolio and enhance shareholder value.

Source

The Business TimesRegional

Original headline: UOB to sell asset management arm to Allianz Global Investors for S$555 million

Original language: EN-US

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UOB sells asset management arm to Allianz for S$555 million

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