The Business Times·3 min read·medium
UOB to sell asset management arm to AllianzGI for S$555 million
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Shikhar Gupta, Tan Nai Lun
✦AI Summary
UOB is selling its asset management division to Allianz Global Investors for S$555 million. The bank intends to shift its strategy toward an open-architecture wealth management model.
The sale, which includes excess cash, is expected to generate a pre-tax gain of about S$330 million for the bank
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