Deals
OCBC to Buy Barclays's Asia Wealth Division for $320 Million
- Bank beats competing bid by DBS Group for assets in the region
- OCBC to enlarge footprint in Singapore, Malaysia and Indonesia
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Oversea-Chinese Banking Corp. agreed to pay about $320 million for Barclays Plc’s wealth and investment-management business in Asia, beating out DBS Group Holdings Ltd. in the bidding.
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.