AllianzGI will acquire UOB's asset management business for SGD 555 million.

UOB and Allianz Global Investors have reached an agreement to acquire UOB Asset Management. The transaction price is SGD 555 million, excluding one-time transaction costs. It is expected to generate approximately SGD 330 million in pre-tax profits and will increase UOB's CET1 ratio by about 14 basis points. The transaction is expected to be completed in 2027, subject to necessary regulatory approvals. All 500 existing employees of UOB Asset Management in the region will transition to AGI, which has committed to maintaining and continuing to employ these staff members. UOB and AGI will also establish a long-term strategic distribution partnership.