Singapore, 28 November 2016 – Bank of Singapore (新加坡银行) today announced that it has completed the acquisition of the wealth and investment management business of Barclays PLC in Singapore and Hong Kong (Barclays WIM Singapore and Hong Kong). As at 7 April 2016, the day the agreement was signed, Barclays WIM Singapore and Hong Kong had assets under management (AUM) of about US$17.5 billion. US$13 billion in AUM has been successfully transferred to Bank of Singapore, resulting in a purchase price – which was set at 1.75% of the AUM transferred upon completion – of US$227.5 million. With an already large AUM base of US$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 deep bench strength at Bank of Singapore.

Bank of Singapore was formed in 2010 from the combination of the former ING Asia Private Bank business and OCBC Private Banking business. It grew its starting AUM of US$22 billion to US$62 billion as at September 2016, riding on its strong investment capabilities as well as wealth planning and premium advisory services supported by one of the largest research teams in Asia. Bank of Singapore is also able to leverage the international network and expertise in commercial and investment banking of its parent company, OCBC Bank.

Mr Bahren Shaari, Chief Executive Officer of Bank of Singapore (博林, 新加坡银行首席执行官), said: "I am pleased with the numbers coming from Barclays WIM Singapore and Hong Kong. Everyone at Bank of Singapore is happy that we have topped the benchmarks for the acquisition of a private bank with about 75% of the AUM transferred. A big part of the team is happy and ready to join the big Bank of Singapore family of close to 1,600 employees. The Barclays WIM Singapore and Hong Kong team have shared with us that their clients were more than convinced about the capabilities and competencies of Bank of Singapore. One key driver was the fact that we have organically grown the AUM from US$22 billion in 2010 to US$62 billion this year. The good growth is a testimony to the strengths of our products, people and brand, as well as the support from OCBC. This acquisition comes at an opportune time as the Asia Pacific (excluding Japan) is expected to overtake Western Europe to be the second wealthiest region in 2017¹.

"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, offering them our comprehensive range of investment ideas and solutions backed by strong research capabilities. They will also benefit from our connectivity in key markets, including Greater China, Indonesia and Malaysia, in the commercial banking space through our parent company, OCBC," said Mr Shaari.

The majority of relationship managers from the combined workforce of Barclays WIM Singapore and Hong Kong have joined Bank of Singapore, bringing with them strong competencies and a breadth of experience. Mr Shaari said, "We welcome all the employees who have chosen to join us. We are glad that they share the same values and vision, and are committed to growing the business together with us, as one team. I’m personally very excited about the business growth this larger Bank of Singapore team can bring."

Two former senior Barclays employees have been appointed as members of the Bank of Singapore management committee. Singapore-based Mr Vikram Malhotra and Hong Kong-based Mr Andrew Sum （岑樂中）come on board as Global Market Heads. The enlarged bench strength, led by Bahren Shaari, is poised to bring Bank of Singapore to the next level growth with a strong AUM base of over US$75 billion and a highly competent team of more than 1,800 employees.

Said Mr Vikram Malhotra: "Speaking on behalf of my colleagues, we are delighted to join the big Bank of Singapore family. Throughout the past eight months, we have been collaborating to understand the work culture and corporate values, policies and processes. In the course of integration, we have come to appreciate Bank of Singapore’s sound business model and a product platform that enables us to offer a more comprehensive range of services to clients, as well as its strong culture of people development. The strong values of integrity and hard work really resonate with me and my team. We are excited about working as a team to grow Asia’s Global Private Bank."

Said Mr Andrew Sum: "Through this 8-month long integration exercise, Bank of Singapore has proven my initial perception of the bank to be right – a forward thinking organisation that provides innovative and relevant wealth solutions, and a strong emphasis on employee development. Hence, it is not a surprise that Bank of Singapore is seen as a strong and reliable brand, with the right values, amongst high net worth individuals and private bankers in the Greater China region. On behalf of my colleagues, we are very excited about being part of the Bank of Singapore team to further grow its presence in this part of the world."

¹ Global Wealth 2016: Navigating the New Client Landscape, Boston Consulting Group