Singapore lender United Overseas Bank said on Wednesday that it had agreed to sell its asset management business to a unit of European insurer Allianz for S$555 million (US$433.49 million).
The deal allows Allianz Global Investors to acquire UOB's asset management business across eight Asian markets, including UOB's home country Singapore.
The sale of the unit, which reported S$42 billion in assets under management at 2025-end, allows UOB to focus on strengthening its wealth management business. It aims to double its wealth income by 2030.
Separately, both parties entered into an agreement wherein UOB will distribute unit trusts, mutual funds, and other investment products of Allianz Global and UOB Asset Management in Singapore, Indonesia, Malaysia, Thailand and Vietnam.
UOB expects a pre-tax gain of nearly S$330 million and a 14 basis points jump in its common equity tier one ratio, which is a measure of a bank's resilience.
Reuters
