On April 6, 2016, Bloomberg reported that Oversea-Chinese Banking Corp. agreed to buy Barclays Plc’s wealth and investment management unit in Asia for approximately $320 million.
Oversea-Chinese Banking Corp. (“OCBC”) beat out DBS Group Holdings Ltd. in the bidding for the Barclays Plc unit. OCBC’s private banking unit, Bank of Singapore, announced that it will use cash to fund the purchase. In a statement, OCBC noted that Barclays Plc’s assets under management in Hong Kong and Singapore is $18.3 billion. As of December 31, Bank of Singapore’s assets under management were $55 billion. Bank of Singapore’s assets under management will total $73.3 billion following the acquisition.
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