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 (S$6.8 million), with a view to winding down the business following a review.
In statements issued on Tuesday (March 19) separately to the Singapore Exchange and to the media, UOB and INTL FCStone said respectively that the asset purchase agreement through the latter's Singapore subsidiary hinges on the Monetary Authority of Singapore giving the green light.
Deputy chief executive, Asia, of INTL FCStone, Greg Kallinikos said: "Adding such a well-established, Asian-focused futures and options brokerage and clearing business to the INTL FCStone group gives us critical mass in our regional capabilities, provides us access to a solid and reputable client base, and enhances our global product offering out of Singapore. This acquisition solidifies our strong commitment to the Asian region, and we look forward to becoming the leading provider of global market access in Singapore."
UOB Bullion and Futures was established in 1978.
INTL FCStone is a provider of financial-services execution, risk management, market intelligence and post-trade services across asset classes and markets around the world. Nasdaq-listed, it has a nearly 100-year track record and focuses on providing products and services within the commodities, securities, foreign exchange and global payments sectors.