Bloomberg News reports that OCBC’s private banking unit, Bank of Singapore, will use cash to fund the purchase, the Singapore-based lender said Thursday in a statement. The price is indicative, based on Barclays’s assets under management of $18.3 billion in Hong Kong and Singapore, OCBC said.
The acquisition will deepen OCBC’s presence in its core markets of Singapore, Malaysia, Indonesia and Greater China, it said. Asia’s growing wealth has attracted Swiss and U.S. lenders to Singapore, seeking business in serving rich individuals. London-based Barclays is shifting its focus to the U.S. and its home market.
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