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OCBC Bank | BUY

April 7 close: S$8.81

Target price: S$9.40

DBS Group Research, April 7

OCBC has acquired the wealth and investment business of Barclays Bank in Singapore and Hong Kong. The total consideration amounts to US$320 million/S$430 million and will be funded by internal cash from Bank of Singapore (BoS), OCBC's subsidiary. The transaction is expected to be completed by end-2016.

The acquisition adds US$18.3 billion to OCBC's current assets under management (AUM) of US$55 billion (as at end-December...

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