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Bond Market News
UOB to Sell Asset Management Biz to Allianz for $434mn
August 6, 2026
– Vandit P
United Overseas Bank (UOB) is selling its asset management business UOB Asset Management, to a unit of Germany’s Allianz for S$555mn ($434mn). For UOB, the deal helps shift its focus toward wealth advice and distribution. For Allianz, the deal marks its second Singapore-related acquisition in about two weeks, following its July 24 agreement to buy HSBC’s life and health insurance business for S$2.7bn ($2.1bn). Allianz Global Investors (AllianzGI’s) will buy all of UOB’s shares in UOB Asset Management, which operates across 8 countries. The deal includes excess cash held by UOB Asset Management and a 10-year distribution agreement. UOB Asset Management managed about S$42bn ($33bn) of client assets as end-December 2025. The purchase will raise AllianzGI’s APAC client AUM to more than €170bn ($196bn). Under the distribution agreement, UOB will offer investment products from UOB Asset Management and AllianzGI, giving AllianzGI long-term access to UOB’s retail customer network in Southeast Asia. The transaction requires regulatory approval and is expected to close in 2027. UOB expects a pre-tax gain of about S$330mn ($258mn), excluding one-off transaction costs, and a 14bp increase in its CET1 ratio.
Bonds of both UOB and Allianz traded stable. UOB’s 4.401% 2028s were at 100, yielding 4.39%. Allianz’s 6.5% Perp was at 99.5, yielding 6.6%.
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