(Yicai) Feb. 25 -- The Chinese wholly-owned subsidiary of Singaporean lender United Overseas Bank will transfer its personal banking business to Fubon Bank (China).

UOB China will transfer Fubon Bank (China) its individual customer accounts, deposits, loans, and related wealth management products by the third quarter of this year, the former announced yesterday.

The transfer will not affect UOB China's other businesses, including wholesale banking and global financial services, the lender noted, without revealing any financial details.

Fubon Bank (China), a wholly-owned subsidiary of Taiwanese financial holding company Fubon Financial Holding, is the first fully licensed Taiwan-based bank operating in the Chinese mainland, established in Shanghai's Pudong New Area in June 1997.

Headquartered in Singapore, UOB has subsidiaries in China, Indonesia, Malaysia, Thailand, and Vietnam. UOB China was founded in Shanghai in December 2007.

This is not the first foreign bank to transfer its Chinese personal banking business. In October 2023, HSBC China announced it would acquire Citibank China's personal wealth management business, including investment management assets and personal deposits of personal wealth management clients from 11 major cities in the Chinese mainland.

Editor: Futura Costaglione