OCBC private bank set for Malaysia expansion following Pacific Mutual deal

The private banking arm of Overseas Chinese Banking Corporation's (OCBC) is looking to expand its presence in Malaysia following its acquisition earlier this week of Kuala Lumpur-based Pacific Mutual Fund. OCBC's Bank of Singapore private wealth management unit confirmed this week it is to acquire Pacific Mutual Fund for $8.5 million. The acquisition paves the way for OCBC to develop its own presence in Malaysia, where HNWIs' wealth grew by 8% YoY in 2018, according to a report by Capgemini. The new private banking arm will be run separately from OCBC's retail and corporate banking se...