Bank of Singapore (BOS), the private banking arm of OCBC, has concluded the acquisition of Barclays’ wealth and investment management (WIM) operations in Singapore and Hong Kong.
The deal was valued at $227.5m, which is lower than the $320m purchase price announced when the deal was announced in April 2016.
As of April 2016, the WIM business managed about $17.5bn in assets, of which $13bn was transferred to BOS.
BOS CEO Bahren Shaari said: "The Barclays team have shared with us that their clients were more than convinced about the capabilities and competencies of Bank of Singapore. This acquisition comes at an opportune time as the Asia-Pacific (excluding Japan) is expected to overtake Western Europe to be the second wealthiest region in 2017."
The acquisition added $13bn of assets under management (AUM) to BOS’ portfolio, boosting its total AUM to more than $75bn.
“We now have one of the largest teams of close to 400 experienced bankers to serve ultra-high net worth individuals and high net worth individuals in our core markets, offering them our comprehensive range of investment ideas and solutions backed by strong research capabilities,” Shaari added.
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BOS was set up in 2010 following the integration of the former ING Asia Private Bank business and OCBC Private Banking business. As at 30 September 2016, the bank’s managed $62bn in assets.