Australia's CBA has signaled it intention to expand into Asia's booming private banking and wealth management business. It has just announced the acquisition of Swan Co Wealth Management from Singapore's Kim Eng Securities. The price is undisclosed.
The Singapore-based business is four years old and was majority-owned by Kim Eng, and 20% held by Khing Go and Cliff Go, the two principals. The business has mostly focused on Indonesia and has targeted very rich families.
Swan Co followed an open architecture approach and under CBA will continue to do so. However, it was felt that a key benefit of the deal would be the addition of CBA...
