OCBC has completed the acquisition of Singapore-based ING Asia Private Bank Limited and its subsidiaries for approximately US$1,446 million.
IAPB is now a wholly-owned private banking subsidiary of OCBC Bank and has been re-named Bank of Singapore Limited. It will be led by Mr Renato “Bing” de Guzman, the CEO of the former IAPB.
The private banking businesses of IAPB and OCBC Bank will be combined and operate as Bank of Singapore. This will result in the creation of a leading Asian private bank with over 7,000 clients and total private client assets under management of approximately US$23 billion. It will also occupy a unique position as the only dedicated private bank that is headquartered in Singapore.
"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, such as property financing, brokerage services, insurance, retail and SME banking products and services," said Mr David Conner, CEO of OCBC Bank.
Mr de Guzman said, "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. I am confident that Bank of Singapore will continue to grow and capture greater market share in existing and new markets."
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