OCBC pays $1.46 billion for ING's Asia private banking business

Singapore-based Oversea-Chinese Banking Corporation OCBC has emerged the winner in an auction for ING's Asian private banking business, with a bid of $1.46 billion.

The announcement yesterday marks the end of a sales process which began over the summer and saw players like HSBC and DBS Singapore in competition. The acquisition was keenly contested as opportunities to inorganically grow private banking portfolios in Asia are rare.

OCBC is buying a business with 150 relationship managers, more than 5,000 clients and assets under management AUM of $15.8 billion. ING's private banking clients in the region span Southeast Asia, India, Greater China, Japan and Korea. They are serviced through marketing desks in Singapore and Hong...