OCBC Will Acquire Barclays Wealth Business For $320 million

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Bank of Singapore, OCBC Bank’s private banking subsidiary, will be acquiring the Wealth and Investment Management business of Barclays Bank in the Singapore and Hong Kong, edging out DBS Group Holdings among several Asian and European bidders. The agreement, which is expected to complete at the year’s end, reportedly includes a price of an estimated US$320 million in cash.

Bank of Singapore’s CEO Bahren Shaari said that this acquisition is a strategy to expand its regional presence and client coverage, specifically targeting its four core markets: Singapore, Malaysia, Indonesia and Greater China.

“The combination of both businesses, including Barclays’ valuable franchise, will bring about attractive synergies,” he said.

Likewise, Samuel Tsien, group CEO of OCBC Bank said that the move will reinforce the Bank of Singapore as Asia’s Global Private Bank, “as it captures the growing wealth and serves the wealth management needs of high net worth clients in the region.”

He added, “The acquisition of Barclays Wealth and Investment Management business in Singapore and Hong Kong further broadens our wealth management franchise, firmly establishing us as a leading wealth management player in Asia. We see attractive value in Barclays’ strong and complementary private banking client base in Singapore and Hong Kong, as well as in its experienced and service-oriented wealth management team.”

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