United Overseas Bank's (SGX:U11) Chinese unit will divest its personal banking business, Yicai Global reported Tuesday, citing a statement from the lender.
The business will be transferred to Taiwan-listed Fubon Financial Holding's (TPE:2881) subsidiary, Fubon Bank (China), which will also own the business' assets, such as individual customer accounts, deposits, loans and related wealth management products, the report said.
UOB said that the transfer will not affect its other business, the report said.
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