Allianz Global Investors (AllianzGI) has agreed to acquire United Overseas Bank (UOB) Asset Management, an asset management unit of Singapore’s United Overseas Bank Ltd., to support AllianzGI’s expansion in Southeast Asia. Multiple reports say the deal covers the asset management division of UOB and is intended to strengthen AllianzGI’s presence in the region.
Financial terms reported by at least one outlet indicate AllianzGI will pay US$433 million for UOB Asset Management Ltd., excluding one-off transaction costs. The information is presented as part of Allianz leadership’s stated focus on growing in Asian markets.
The announcements are consistent in identifying the buyer as Allianz Global Investors and the seller as UOB’s asset management arm, with the rationale centered on geographic growth in Southeast Asia. Details on deal timing and regulatory approvals are not included in the provided excerpts.
