United Overseas Bank (UOB) has agreed to sell its asset management subsidiary to Allianz Global Investors for SG$555 million, or approximately US$433.5 million, according to regulatory filings and company announcements. The transaction allows Singapore’s third-largest lender to streamline its operations and sharpen its strategic focus on core wealth management activities across Southeast Asia.
## Transaction Details and Financials
Under the terms of the agreement announced in regulatory filings, Allianz Global Investors (AllianzGI) will acquire UOB Asset Management (UOBAM) in a cash deal valued at SG$555 million. According to Reuters reporting, the purchase price translates to roughly US$434 million depending on prevailing exchange rates. Regulatory approvals for the transaction remain pending in several jurisdictions.
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