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United Overseas Bank to Sell Asset Management Business to Allianz Global Investors for SG$555 Million

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United Overseas Bank (SGX:U11) has signed a share purchase agreement with Allianz Global Investors for the sale of all its shares in UOB Asset Management for SG$555 million, according to a Wednesday filing with the Singapore Exchange.

The transaction covers the unit's asset management business across eight Asian markets.

The banking group has also signed a 10-year regional agreement with Allianz Global Investors Singapore for a strategic partnership on the distribution of unit trusts, mutual funds and other investment products.

The sale is part of the company's efforts to execute its strategic priorities and seek value from its asset management business.

The transaction is expected to conclude in 2027, the filing said.

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