OCBC acquires ING’s Asian unit; launches Bank of Singapore

Oversea-China Banking Corporation Limited (OCBC), Singapore's second-largest lender concluded its deal with Dutch banking major ING Bank NV by acquiring its Asian private banking business for $1.5 billion as part of its ambitious expansion plans.

Through the acquisition, OCBC renamed the Singapore-based ING Asia Private Bank Limited and its subsidiaries (IAPB) as 'Bank of Singapore Limited', a statement released on Friday said.

Renato de Guzman, the former CEO of IAPB will head the new Bank of Singapore. The private banking businesses of both IAPB and OCBC will be combined and operate as Bank of Singapore, forming a leading Asian private bank with over 7,000 clients and around $23 billion of assets under its management with its headquarters in Singapore.

Apart from Singapore, the Asian business of ING Bank coveres operations in Philippines, Thailand, and Indonesia, as well as China, Hong Kong, and Taiwan with a staff of around 600 including 200 relationship managers.

OCBC CEO David Conner

OCBC CEO David Conner said, ''Our much larger private bank will significantly benefit customers from both IAPB and OCBC. OCBC private bank customers will benefit from IAPB's fully open architecture product platform and proprietary research, while IAPB customers will benefit from the access to OCBC's extensive branch network and products and services that were previously not available to them.''

''As part of the OCBC family and with the strong backing of OCBC, we remain totally committed and dedicated to helping our clients to seek the best outcome for their financial goals, and to grow and protect their wealth,'' Bank of Singapore CEO Guzman said.