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 services, which already operate across Malaysia.
Olivier Denis, global market head at OCBC for Singapore, Malaysia and international said, "We expect the onshore wealth management landscape to grow rapidly in the coming years, as we foresee significant opportunities."
Bank of Singapore has been expanding in Asia, the Middle East and Europe, with offices in Dubai, London and Luxembourg.
The takeover is subject to approvals from local regulators, including the Monetary Authority of Singapore (MAS) and Securities Commission Malaysia.