Following the acquisition of ING's Asian private banking business IAPB, Singaporean bank OCBC has its sights set on wealth-management markets well beyond Southeast Asia. The merged entity, Bank of Singapore BoS, plans to service and attract more clients in North Asia, Europe and the Middle East, as well as in its home region.
The takeover has substantially boosted OCBC's international client base. More than 80% of IAPB's client assets are from outside Singapore, Malaysia and Indonesia, the markets that previously contributed the vast majority of OCBC's private banking client assets.
IAPB's former chief executive, Renato de Guzman, becomes the new head...
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