Bank of Singapore, the private banking subsidiary of OCBC Bank, has completed the acquisition of the wealth and investment management business of Britain’s Barclays Wealth in Singapore and Hong Kong.
As at 7 April 2016, the day the agreement was signed, Barclays Wealth and Investment Management (Barclays WIM) Singapore and Hong Kong had assets under management (AUM) of about $17.5 billion.
$13 billion in AUM has been successfully transferred to Bank of Singapore, resulting in a purchase price, which was set at 1.75 percent of the AUM transferred upon completion, of $227.5 million.
The price was lower than originally thought due to some bankers and their clients, not moving to Bank of Singapore.
With an AUM base of S$62 billion as at 30 September 2016, the additional AUM brings the total AUM for Bank of Singapore to more than US$75 billion. In addition, more than 60 bankers have been added to the Bank of Singapore, the bank said in a submission to the Singapore Stock Exchange this morning.
One of The Largest Teams
Two former senior Barclays employees have been appointed as members of the Bank of Singapore management committee. Singapore-based Vikram Malhotra and Hong Kong-based Andrew Sum, are both now Global Market Heads.
During the purchase process however, several senior Barclays WIM bankers opted not to join Bank of Singapore as finews.asia reported.
«I am pleased with the numbers coming from Barclays WIM Singapore and Hong Kong, we now have one of the largest teams of close to 400 experienced bankers to serve ultra-high net worth individuals and high net worth individuals in our core markets,» said Bahren Shaari, Chief Executive Officer of Bank of Singapore said:
