“For us, it is very important to continue to build up the scale in this business,” Tsien said in an interview this week. “We will continue to build up our wealth-management business both organically as well as if opportunities arise, we will look at those market opportunities as well,” he said. The Barclays deal will also bring new expertise to Bank of Singapore in areas such as foreign-exchange derivatives, Tsien said. OCBC has been building up its wealth-management operations since it acquired ING Groep NV’s Asia wealth business in 2009, and re-branded it as Bank of Singapore. Total assets under management at the private bank stood at US$62 billion as of September, compared with S$159 billion at DBS’s private bank and other wealth businesses.

Source: The Edge Markets November 02, 2016 10:47 UTC