Allianz to Acquire UOB Asset Management for S$555 Million

Allianz SE agreed to acquire UOB Asset Management Ltd., the asset management arm of Singapore-based United Overseas Bank Ltd., for S$555 million ($433 million). The acquisition will be executed through Allianz Global Investors, granting the German insurer a distribution network across eight Asian markets, including Singapore, Indonesia, Thailand, and Vietnam.

UOB Asset Management held approximately S$42 billion in assets under management as of late 2025. Under the terms of the deal, all 500 employees of the unit will transition to Allianz. The transaction is expected to close in 2027, pending regulatory approvals.

United Overseas Bank expects the sale to generate a pretax gain of approximately S$330 million and increase its Common Equity Tier 1 ratio by 14 basis points. This acquisition follows a previous S$2.7 billion purchase by Allianz of the Singapore insurance unit of HSBC Holdings Plc, as CEO Oliver Baete pursues growth in Asia.