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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
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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.
No. 2 OCBC Bank acquire ING Private Banking in 2009
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.
No. 3 Julius Baer acquire Macquarie Private Bank in 2011
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
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)
No. 4 DBS Bank acquire Societe Generale Private Banking in 2014
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
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
No. 5 Union Bancaire Privee acquire Coutts International in 2015
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
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
Managing $20 million to $3 billion. Investing $3 million to $300 million.
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