Amundi SA, KKR, and Temasek Holdings’ Seviora unit have each made non-binding bids for a stake in United Overseas Bank’s asset management division, reported Bloomberg citing sources.
Those close to the talks say proposals have been submitted as part of UOB’s review of options for its asset management business.
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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.
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By GlobalDataRequests 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$41bn ($32bn) as of late November, the news publication added.
The company operates in markets including Singapore, Brunei, Indonesia, Japan, Malaysia, Taiwan, Thailand and Vietnam.
In November 2025, Amundi acquired a 4.6% stake in ICG and agreed to a long-term partnership aimed at expanding private market opportunities for wealth clients.
The arrangement includes a decade-long cooperation agreement, collaborative product development and Amundi’s minority investment in ICG.
