UOB Bullion and Futures to sell brokerage & clearing business for US$5m

Singapore

UOB's wholly owned subsidiary UOB Bullion and Futures has entered into an agreement with financial services firm INTL FCStone to sell its futures and options brokerage and clearing business for US$5 million, with a view to winding down the business.

A UOB spokesman told The Business Times on Tuesday that the bank had come to the conclusion that the brokerage and clearing business was not a strategic focus for its long-term plan after a thorough review.