United Overseas Bank will hold a briefing after The Financial Times reported that Prudential Plc, the UK’s biggest insurer, will buy the life insurance unit of Singapore’s second-largest lender by market value.

United Overseas will hold a briefing at 5:15 p.m. in the city-state after the company requested a trading halt of its shares pending an announcement, the bank said in a statement to the stock exchange.

Prudential will buy the bank’s life insurance unit for $430 million, The FT reported, citing people familiar with the deal. 

Prudential, which already makes one- third of its sales in Asia, aims to boost its presence in Singapore, Thailand and Indonesia through the tie-up which includes a distribution deal, the report said.

“It makes sense for UOB to exit the insurance business and re-enter it by linking up with Prudential to redistribute the products,” said Trevor Kalcic, the head of Southeast Asia equity research at Royal Bank of Scotland Group Plc. “I’m not sure that banks are good at manufacturing insurance products. It might be better for them to distribute it.”

Prudential Hong Kong-based spokesman Chad Tendler said the company doesn’t comment on market rumours.

United Overseas in October reported third-quarter profit that beat analysts’ estimates on investment gains and increased net interest income. The shares rose 0.6% to $19.74 before trading was halted.