Barclays purchase to boost OCBC's exposure to UHNW market

OCBC chairman Ooi Sang Kuang said on Friday the bank's purchase of Barclays' wealth management business in Singapore and Hong Kong would lift the OCBC's exposure to the ultra high net worth (UHNW) client segment.

Responding to a query at the bank's shareholders' meeting, Mr Ooi said the purchase will also allow the bank to offer commercial banking services to the new clients acquired through the Barclays purchase.

"It is a (strategic) fit that has very little duplication," he said.