OCBC Bank’s private banking arm Bank of Singapore has agreed to acquire Barclays Bank’s wealth and investment management business in Singapore and Hong Kong for $320m.
The businesses in Singapore and Hong Kong serve over 1,800 clients and managed total assets under management (AUM) of $18.3bn as at 31 December 2015.
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OCBC said that the addition of the businesses will increase Bank of Singapore’s AUM by 33.3% to $73.3bn.
OCBC said that the takeover will deepen the bank’s presence in its core markets of Singapore, Malaysia, Indonesia and Greater China.
The deal is anticipated to close in the end of 2016, subject to approval of the Singapore High Court.
Bank of Singapore CEO Bahren Shaari said: "Strategically, this acquisition further broadens our geographical footprint and client coverage while adding scale, deepening our presence in our core Asian markets, including Southeast Asia, Greater China and the Middle East, namely the Gulf Cooperation Council countries."
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