OCBC bulks up in battle for Asia's billionaires

Beating rival Singapore bidders DBS and UOB, OCBC has gained a leg-up in the regional race for relationship managers by buying Barclays's Asia private banking business.

OCBC bulks up in battle for Asia's billionaires

Oversea-Chinese Banking Corp emerged as the winner on Thursday from a fierce fight to buy Barclays’s private banking business in Singapore and Hong Kong with a $320 million S$434 million cash bid.

The auction was a rare case of all three of Singapore’s major banks  OCBC Bank, DBS and United Overseas Bank  competing head-to-head.

Contestants were seemingly not put off by China’s crackdown on wealthy citizens...

To continue reading, please login or register for free

Print Edition

FinanceAsia Print Edition

CONFERENCES