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5 Shocking Deals that shake-up Private Banking in Asia

Since the global financial crisis of 2008, banks had gone through many mergers, acquisitions, split-ups and some went into oblivion.

We look at  5 deals that had shake-up Private Banking in Asia since 2008.

No. 1  Bank of America acquire Merrill Lynch in 2008

Bank of America Merrill Lynch Building Logo

In 2008, Bank of America acquired global financial giant Merrill Lynch.  The deal was concluded at $50 Billion and almost $2.5 Trillions AUM (Assets Under Management) were gained by Bank of America.  Bank of America took over all of Merrill Lynch business operations including wealth management, capital markets, advisory and shareholdings of BlackRock Inc.

+ AUM $2.5 Trillion

Source: Bank of America Press Release 2008

Deal Facts

  • Acquirer: Bank of America
  • Acquired: Merrill Lynch
  • New Entity: Bank of America Merrill Lynch
  • Deal Size: $50 Billion
  • AUM Acquired: $2.5 Trillion
  • Assets Involved: All of Merrill Lynch businesses including wealth management, capital markets, advisory and shareholdings of BlackRock Inc

Source: Bank of America acquired Merrill Lynch to form Bank of America Merrill Lynch

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No. 2  OCBC Bank acquire ING Private Banking in 2009

 

Bank of Singapore
Bank of Singapore

In 2009, OCBC Bank acquired ING Asia Private Banking.  The deal was concluded at a cost of $1.46 Billion with OCBC Bank gaining $16 Billion AUM.  OCBC Private Bank and ING Asia Private Banking will merged to form the entity – Bank of Singapore.

+ AUM $16 Billion

Deal Facts

  • Acquirer: OCBC Bank
  • Acquired: ING Private Banking
  • New Entity: Bank of Singapore
  • Deal Size: $1.46 Billion
  • AUM Acquired: $16 Billion
  • Assets Involved: Asia Private Banking

Source: OCBC Bank acquire ING Private Bank to form Bank of Singapore in 2009

 

No. 3  Julius Baer acquire Macquarie Private Bank in 2011

Julius Baer

In 2011, Julius Baer acquired Macquarie Private Banking operations in Asia (Singapore & Hong Kong).  The deal was completed at a nominal cost.  Julius Baer gained $1 Billion AUM from the purchase of Macquarie Private Bank in Asia.

+ AUM $1 Billion

Deal Facts

  • Acquirer: Julius Baer
  • Acquired: Macquarie Private Bank
  • New Entity: Julius Baer
  • Deal Size: Nominal
  • AUM Acquired: $1 Billion
  • Assets Involved: Asia Private Banking (Singapore & Hong Kong)

Source: Julius Baer acquire Macquarie Private Bank in 2011

 

No. 4  DBS Bank acquire Societe Generale Private Banking in 2014

DBS Bank
DBS Bank

In 2014, DBS Bank acquired Societe Generale Private Banking operations in Singapore, Hong Kong and part of it’s trust businesses.  The deal was concluded at a cost of $220 million with DBS Bank gaining $12.6 Billion AUM (Assets Under Management).  Majority of Societe Generale’s 330 staffs will be joining DBS under the brand DBS Private Banking.

+ AUM $12.6 Billion

Deal Facts

  • Acquirer: DBS Bank
  • Acquired: Societe Generale Private Banking
  • New Entity: DBS Private Bank
  • Deal Size: $220 Million
  • AUM Acquired: $12.6 Billion
  • Assets Involved: Singapore & Hong Kong Private Banking, and selected parts of trust business unit

Source: DBS to buy Societe Generale’s Private Banking business

 

No. 5  Union Bancaire Privee acquire Coutts International in 2015

The building of the Union Bancaire Privee is pictured in Geneva

In 2015, Union Bancaire Privee (UBP) acquired Royal Bank’s of Scotland’s Private Bank – Coutts International.  The deal was completed at an undisclosed price (Industry estimates $600 – $800 million).  UBP will gained $31 Billion in AUM.  The acquisition includes all of Coutts International except UK operations.

+ AUM $31 Billion

Deal Facts

  • Acquirer: Union Bancaire Privee
  • Acquired: Coutts International
  • New Entity: Union Bancaire Privee
  • Deal Size: Estimated $600 – $800 Million (Undisclosed)
  • AUM Acquired: $31 Billion
  • Assets Involved: All of Coutts International except UK

Source: Union Bancaire Privee acquire Coutts International in 2015

 

Credits: Wall Street Journal, Bloomberg, Reuters, Straits Times

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