Singapore's OCBC unit to buy Barclays' Asian unit for $320 million | Reuters

SINGAPORE A unit of Oversea-Chinese Banking Corp (OCBC.SI), Singapore's second-biggest lender, said it has agreed to buy part of the Asian wealth unit of Barclays (BARC.L) for $320 million, its second major private banking acquisition since 2009.

OCBC beat DBS Group Holdings (DBSM.SI), the other bidder left in the race, sources with knowledge of the matter said, after a competitive bidding process that saw several Asian and European bidders taking interest in the initial round.

With the addition of the Barclays wealth and investment management unit in Singapore and Hong Kong, OCBC's Bank of Singapore unit will see its assets under management rise by about 33 percent to $73.3 billion.

(Reporting by Saeed Azhar; Editing by Eric Meijer)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date: Apr 07, 2016 06:15 AM

Also Watch

IPL 2018: Royal Challengers Bangalore eye revival against Chennai Super Kings as 'Cauvery Derby' comes back to life
  • Thursday, April 26, 2018 In the Kanjarbhat community, a campaign against 'virginity tests' is slowly gaining ground
  • Tuesday, April 24, 2018 It's A Wrap: Beyond the Clouds stars Ishaan Khatter, Malavika Mohanan in conversation with Parul Sharma
  • Monday, April 9, 2018 48 hours with Huawei P20 Pro: Triple camera offering is set to redefine smartphone imaging
  • Monday, April 16, 2018 Rajyavardhan Singh Rathore interview: Sports can't be anyone's fiefdom, we need an ecosystem to nurture raw talent

Also See