OCBC pays US$228m for Barclays' Singapore, HK wealth business
Price is 29% below initial estimate as the amount of assets transferred to Bank of Singapore is smaller
Singapore
OVERSEA-Chinese Banking Corp's purchase of Barclays Plc's wealth-management units in Singapore and Hong Kong was priced at US$227.5 million, 29 per cent below an initial estimate, after the amount of assets being transferred fell.
The final price is based on 1.75 per cent of the US$13 billion of Barclays assets transferred to Bank of Singapore, OCBC's private-banking arm, the Singapore bank group said on Monday in an exchange filing. OCBC had given an indicative price of US$320 million in April when it announced the deal, based on the Barclays units' end-2015 assets of US$18.3 billion. There were Barclays clients who chose to maintain relationships with a European private bank to diversify their holdings, Bank of Singapore chief executive officer Bahren Shaari said in an e-mail, without giving further details. There were also customers who already had existing relationships with Bank of Singapore and didn't wish to have funds concentrated in one bank, he said.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Carnival’s Princess brand revises 2025 world cruise routes amid Red Sea tensions
Google to pay up to US$6 million to News Corp for new AI content, The Information reports
Restaurant Brands tops estimates as Burger King overhaul pays off
Yen falls after suspected intervention on Monday; eyes on Fed
US: Wall St opens lower on labour costs data
TikTok shop tops 500,000 US sellers after 2023 e-commerce launch