Singapore’s UOB Sells China Retail Business to Fubon Bank

United Overseas Bank Ltd. sold its retail banking business in mainland China to a unit of Taipei-based Fubon Financial Holding Co., as part of a strategy to focus on cross-border trade.

Singapore’s third-largest lender will retain its wholesale banking and global markets operations in China, the firm said Monday in a statement on its website, without disclosing the price tag. The transfer of customer accounts, deposits, loans and relevant wealth management products held by clients to Fubon Bank (China) is expected to be completed in the third quarter.

UOB’s exit from the China retail business is part of a ...