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OCBC aims to extend private banking reach

Date: 29 Jan 2010

OCBC unveils its Bank of Singapore wealth management entity following acquisition of the Asian private banking assets of ING. Its CEO David Conner is hoping to infiltrate new markets such as the Middle East and Europe.

Keywords (click to search): [OCBC] [Bank of Singapore] [David Conner] [Renato Bing de Guzman]

Aaron Pan
OCBC chief executive David Conner is confident of breaking new markets in the Middle East and Europe as well as growing within the rest of Asia after the Singaporean bank completed its purchase of ING Asia Private Bank today (January 29).

Calling it a “transformational acquisition”, Conner is confident that the US$1.45 billion deal first reported by asiamoney.com (see story) in October will expand the bank’s horizons beyond its traditional south-east Asian stronghold.

Sceptics argue that the Singaporean lender paid too much to secure the assets against competitors such as HSBC and DBS, which were also involved in the closing stages of the bidding process.

But the deal evidently transformed OCBC’s private...

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