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.