Singapore's UOB to Sell Asset Management Business to Allianz Unit for $556m
The sale includes excess cash and is expected to lift UOB’s Common Equity Tier 1 capital ratio by 14 basis points, the bank said.
- On Wednesday, United Overseas Bank announced the sale of its asset management arm to Allianz Global Investors for $555 million, supporting the lender's pivot toward open-architecture wealth distribution.
- By shedding in-house product manufacturing, UOB aims to focus strictly on wealth advisory across its network of more than eight million retail clients in ASEAN, addressing increasingly diverse investment needs.
- The deal includes a 10-year distribution agreement and transfers UOB Asset Management operations across eight Asian markets; all 500 employees will move to AllianzGI, which committed to maintaining their employment.
- Excluding one-off transaction costs, the sale will lift UOB's Common Equity Tier 1 capital ratio by an estimated 14 basis points, with the transaction expected to close in 2027 subject to regulatory approvals.
- This acquisition follows Allianz's July deal to purchase HSBC's Singapore insurance business for $2.7 billion, after the German insurer's $2.2 billion bid for an Income Insurance stake failed in late 2024.
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The asset manager Allianz Global Investors (Allianz GI) confirmed the acquisition of the UOB Asset Management, the asset management business of the UOB Group, based in Singapore. This makes the company strengthen the business in the Asia-Pacific region, making its assets exceed 170 billion euros in this region and that the combined business develops investment solutions for customers throughout Southeast Asia. With this acquisition, we will have…
Singapore's UOB to sell asset management business to Allianz unit for $556m
Singapore's United Overseas Bank (UOB) is selling its asset management business to a unit of Germany's Allianz for $555 million, as the lender focuses on wealth advice and distribution.The deal marks insurer Allianz's second Singapore-related acquisition announced in about two weeks, following its July 24 deal to buy HSBC's life and health insurance business in the city-state for $2.7 billion.Allianz...
Singapore's UOB to sell asset management business to Allianz unit for US$434mil
SINGAPORE's United Overseas Bank is selling its asset management business to a unit of Germany's Allianz for S$555 million ($434 million), as the lender focuses on wealth advice and distribution.
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