Amundi, KKR, Temasek unit among bidders for UOB Asset Management: Sources

Talks are ongoing and no final decisions have been made. Read more at straitstimes.com.

SINGAPORE – Amundi SA, KKR & Co. and Temasek’s Seviora unit are bidding for United Overseas Bank’s (UOB) asset management arm, according to people familiar with the matter.

The three have submitted non-binding offers to invest in UOB Asset Management, the people said, asking not to be identified because the information is private. A key aspect of the negotiations is how much of its distribution network in South-east Asia UOB is willing to include, two of the people said.

Talks are ongoing and no final decisions have been made, the people added, noting that a transaction might not materialise, while other parties could also make a bid.

A spokesperson for UOB said the bank does not comment on market rumours or speculation. UOB is focused on delivering long-term value to shareholders and meeting the evolving needs of customers, the spokesperson added.

Amundi, Seviora, Temasek and KKR declined to comment.

UOB has been exploring options for its asset management arm, including a possible sale, as the Singapore lender seeks to streamline its portfolio, people familiar with the matter said in December. A transaction may value UOB’s asset management business at several hundred million dollars, some of the people have said.