Reuters, 15 Oct 2009
OCBC (OCBC.SI), Singapore's third-biggest bank, has agreed to buy ING's (ING.AS) private banking unit in Asia for $1.5 billion, sources said on Thursday, a surprise outcome in a complex, drawn-out auction.
The deal could be transformational for OCBC, whose private bank is smaller than similar units of Singapore's two other listed banks and in 2006 lost a third of its bankers to foreign rivals.
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Related:
Oversea-Chinese Said to Buy ING’s Asia Private Bank - Bloomberg.com
Singapore's OCBC to buy ING Asia private bank-sources - Interactive Investor
Singapore's OCBC to buy ING Asia private bank-sources - Forbes.com
ING to sell Asian private-bank assets for $1.5 billion - MarketWatch
OCBC private bank's fortunes in hands of ING veteran - Reuters
