Barclays deal stokes Singapore rivalry in fight for scale
It’s a case of déjà vu for Singapore’s DBS, which has lost out to local rival OCBC – as in the ING private bank deal in 2010 – in the race for Barclays’ Asian wealth unit. UOB was also bidding.
Singapore’s OCBC has scored another win over local rival DBS in the battle for private bank assets with the purchase of Barclay’s wealth and investment management (WIM) business in Asia, amid ongoing industry consolidation.
That the other big Singapore bank, UOB, was bidding – among others – underlines the fierceness of competition for the assets of wealthy individuals in the region.
DBS had also been a bidder for ING's Asian private bank back in 2009, which was ultimately bough…
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