UOB to sell certain assets of its global wholesale banknotes business to Travelex
UNITED Overseas Bank (UOB) has entered into a deal with foreign exchange company Travelex Currency Exchange to sell certain assets of its global wholesale banknotes business.
The sale, which is expected to take place in the third quarter of this year, will include UOB's proprietary banknotes software and certain fixed assets, in Japan, Hong Kong and Singapore.
With the sale, the bank will cease its global wholesale banknotes business as it is not a strategic focus in the bank's long-term plan, UOB said.
UOB shares finished S$0.70 or 2.4 per cent higher at S$30.14 on Monday before the announcement.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
DuPont beats profit estimates, raises full-year forecasts
Binance founder Zhao Changpeng gets four months in prison
Apple set for big sales decline as investors await AI in iPhones
Microsoft, Brookfield to partner on renewable energy projects
UK house prices fall again after mortgage rates creep higher
Why the yen is so weak and what that means for Japan