UOB sell its asset management business - S$330m gain adds 14bps to CET1; allows increased focus on wealth

Research evidence excerpt

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M

Update

August 5, 2026 10:47 AM GMT

United Overseas Bank | Asia Pacific

Morgan Stanley Asia (Singapore) Pte.+

Nick Lord

Equity Analyst

UOB sell its asset management

business - S$330m gain adds

14bps to CET1; allows increased

focus on wealth

UOB has announced its long expected decision to sell UOB Asset Management

(UOBBAM) for S$550m. The sale to Allianz Global Investors includes a 10-year

regional distribution partnership. The consideration represents c.2.5x book (S$223m

NAV) and 1.3% of AUM (AUM S$42bn). It generates a c.S$330m pre-tax gain and

lifts CET1 by 14bps. Whilst the financial impact is small, but helpful, it is more

important strategically as it helps simplify UOB's business and allow it to focus on

wealth distribution. Completion is expected in 2027.

United Overseas Bank (UOBH.SI, UOB SP)

ASEAN Financials | Singapore

Stock Rating

Industry View

Price target

Up/downside to price target (%)

Shr price, close (Aug 5, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (mn)

Avg daily trading value (mn)

Fiscal Year Ending

Equal-weight

In-Line

S$46.70

8

S$43.06

S$45.15-33.25

1,656

S$71,289

S$117.90

12/25 12/26e 12/27e 12/28e

ModelWare net inc (S$

4,575

5,635

6,292

6,828

mn)

Net income (S$ mn)§

4,630

5,629

6,043

6,495

EPS (S$)**

2.75

3.41

3.87

4.24

Prior EPS (S$)**

EPS (S$)§

2.79

3.39

3.68

3.97

P/E

12.7

12.6

11.1

10.1

P/BV

1.2

1.4

1.3

1.2

ROE (%)

9.7

11.6

12.3

12.7

Total assets,

572,061 591,752 622,278 647,467

economically adjusted

(S$ mn)

S'hldr eqty (S$ mn)

48,553 51,086 53,809 56,845

Div yld (%)

5.2

4.0

4.2

4.5

DPS (S$)

1.81

1.72

1.82

1.95

DPS (S$)§

1.89

1.73

1.84

1.98

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

§ = Consensus data is provided by Refinitiv Estimates

e = Morgan Stanley Research estimates

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