Deal Of The Week

Julius Baer's acquisition of ING's Swiss private banking assets for US$510mn has opened the floodgates of consolidation in the wealth management industry. This week, Singapore's Oversea-Chinese Banking Corporation (OCBC) has announced that it is acquiring the Asian private banking assets of ING for US$1.5bn. This deal exemplifies the trend whereby the divestment of big European banks is the main driver in wealth management consolidation. More interesting, OCBC outtrumped HSBC's offer, by paying a sum equivalent to 5.8% of the unit's assets under management, which is largely around the 6% level of offers we used to see before the crisis, and

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