United Overseas Bank sells asset management unit and appoints regional head

United Overseas Bank (UOB) is undergoing a strategic restructuring of its wealth management and regional leadership. The bank has reached an agreement to sell its regional asset management business, UOB Asset Management (UOBAM), to Allianz Global Investors (AllianzGI) for S$555 million (approximately US$434 million).

This sale covers UOBAM’s operations across eight Asian markets, including Singapore, Brunei, Indonesia, Japan, Malaysia, Taiwan, Thailand, and Vietnam. As part of the deal, UOB and AllianzGI will establish a long-term strategic distribution partnership to provide investment products to UOB customers. The transaction supports UOB’s transition toward an open architecture wealth model.

In a separate leadership move, UOB has appointed Tan Choon Hin as the Head of ASEAN and Greater China, effective September 1, 2026. In this new role, Tan will oversee seven key markets, including Malaysia, Indonesia, Thailand, Vietnam, mainland China, Hong Kong, and Taiwan, reporting directly to CEO Wee Ee Cheong. This appointment aims to intensify cross-border business activities and integrate corporate and private banking services across these regions.