Oversea-Chinese Banking Corp, Singapore's third-largest lender, is set to transform its regional footprint after trumping HSBC to acquire the Asian private banking assets of ING Group for $1.46bn.
The cash deal, which triples OCBC's private banking funds to $23bn, marks the latest asset disposal in the region by a troubled western financial group. AIG, the stricken US insurer, this week sold its Taiwanese life assurance unit for $2.15bn.
ING, which is selling assets after being rescued by the Dutch government last year, divested its Swiss private banking assets to Julius Baer last week for $510m.
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