Oversea-Chinese Banking Corporation Limited (OCBC Bank) officially completed the acquisition of ING Asia Private Bank Limited and its subsidiaries (IAPB) based in Singapore with an investment of around U.S. $ 1.45 million or $ 2.02 Sin million.

With the completion of the acquisition process, the IAPB now renamed Bank of Singapore Limited (the Bank of Singapore), officially became a subsidiary wholly owned by OCBC Bank.

Bank of Singapore will be led by Renato (Bing) de Guzman, who previously also served as CEO IAPB. All the Private Banking business activities IAPB and OCBC Bank will be merged and operate as Bank of Singapore.

Thus the Bank of Singapore will become a leading Private Banking in Asia which has more than 7.000 customers with total customer funds managed some U.S. $ 23 billion. This reinforces a unique position as the only Private Banking, headquartered in Singapore.

David Conner, CEO of OCBC Bank said the success of this acquisition marks an important milestone in our private banking activities. With increasing scale, will bring significant benefits both for customers IAPB Private Banking and OCBC.

“We are committed to continue investing in Private Banking business and provide services which better meet the needs of our customer’s high networth,” said David Conner, CEO of OCBC Bank in a press release yesterday.

Renato (Bing) de Guzman, CEO of Bank of Singapore, said he believed Bank of Singapore will continue to grow and reach a huge market today or in the future.

“We will always focus to attract some of the best Private Banking employees of existing and new to achieve long-term growth and professional development, as part of the OCBC Group.”

OCBC Bank, founded in 1912 and is a financial group by assets, the second largest in Southeast Asia. OCBC Bank have a long-term credit ratings of Aa1 from Moody’s.

OCBC Bank’s key markets are Singapore, Malaysia, Indonesia and China. Having a network of more than 490 branches and representative offices in 15 countries and regions, including 390 branches and offices in Indonesia operated by OCBC Bank NISP as subsidiaries.

OCBC Bank’s subsidiary engaged in the Great Eastern Insurance Holdings, while other subsidiaries engaged in asset management services, Lion Global Investors, is one of the largest asset management companies in Southeast Asia.