Singapore: OCBC’s path to snapping up Barclays’ Singapore and Hong Kong wealth management business became much easier after rival DBS Group Holdings was turned off by fears of poaching at the unit, financial sources familiar with matter said. Overseas-Chinese Banking Corp, Singapore’s second-biggest lender, said on Thursday it agreed to pay $320 million (Dh1.1 billion) for the operations — its second-largest private banking deal since 2009 and a move aimed at deepening its presence in Southeast Asia, Greater China and the Middle East. DBS, the only other bidder in the final round, had been seen as an early favourite to win, people close to the auction process said.
OCBC grabs Barclays Asia wealth business after poaching concerns spook rival
OCBC agrees to buy Barclay’s Singapore and Hong Kong operations