Amundi, KKR, Temasek vie for stake in UOB asset unit – report [Yahoo! Finance]
UNITED OVRSEAS BK S/ADR (UOVEY)
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Source: Yahoo! Finance
Those close to the talks say proposals have been submitted as part of UOB's review of options for its asset management business. A significant topic under negotiation is how much of UOB's distribution network in Southeast Asia would be included in any agreement, according to the sources. Negotiations are ongoing and may not lead to a deal, while additional bidders could still emerge. A spokesperson for UOB said the bank does not comment on “market rumours or speculation”. The spokesperson added that UOB's focus remains on providing long-term value to its shareholders and addressing customer needs. Requests for comment from Amundi, Seviora, Temasek, and KKR were declined. UOB has been considering a sale or restructuring of its asset management arm as part of efforts to streamline its operations. Some estimates put the potential value of a transaction at several hundred million dollars. Founded in 1986, UOB Asset Management is wholly owned by UOB and managed about S$41b
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