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Wednesday, August 12th, 2020

OCBC to Buy Barclays' Wealth Management Business in Singapore and Hong Kong for US$320 Million

by April 7, 2016 General

By Gaurav Raghuvanshi
SINGAPORE–Oversea-Chinese Banking Corp. (O39.SG) said Thursday its private-banking unit has signed a deal to buy Barclays Bank PLC’s wealth and investment management business in Singapore and Hong Kong for US$320 million in cash.The purchase price is equivalent to 1.75% of Barclays’ wealth assets under management in Singapore and Hong Kong. The assets under management, which total about US$18.3 billion, will be transferred to Bank of Singapore, OCBC’s private-bank unit, Singapore’s second-biggest bank by assets said in a statement to Singapore Exchange.The transaction, which is expected to be completed by the end of the year, is subject to approval from the Singapore High Court for the transfer of the Singapore business, it said.The deal will allow OCBC to increase its share of the wealth-management business in key Asian financial centers at a time when it is seeking to grow in its four key markets — Singapore, Malaysia, Indonesia and Greater China.Bank of Singapore’s assets under management will rise 33.3% to US$73.3 billion with the addition of Barclays’ wealth business, OCBC said.Write to Gaurav Raghuvanshi at