UOB to Sell Asset Management Business to Allianz for $434 Million
UOB has agreed to sell its asset management business to an Allianz unit for $434 million, including excess cash and a 10-year distribution agreement. UOB Asset Management, which managed about S$42 billion in client assets as of Dec 31, 2025, will run as usual until closing. UOB expects a pre-tax gain of about S$330 million and a 14-basis-point rise in CET1 ratio.