Amundi SA, KKR & Co., and Temasek Holdings Pte’s Seviora unit are in a high-stakes bidding war for UOB Asset Management, per Bloomberg Markets. The trio submitted non-binding offers to acquire the Singaporean lender’s asset management division, though terms remain undisclosed.

A pivotal issue in talks revolves around UOB’s willingness to retain its Southeast Asia distribution network, which spans Brunei, Indonesia, and Vietnam. Sources stress negotiations are fluid, with no guarantees of a deal, as other suitors may enter the fray. UOB Asset Management—managing S$41 billion in assets as of November—has become a strategic target as the bank streamlines its portfolio to focus on long-term shareholder value.