Global and regional banks are scrambling to expand their private banking operations in Asia, keen to capture a slice of the wealth being created by strong economic growth and – perhaps – a flood of business from Switzerland.
David Conner, chief executive of Singapore's Oversea-Chinese Banking Corporation, caught the mood a week ago when he announced that OCBC had paid $1.4bn for the Asian private banking assets of ING, the Dutch bank.
At 5.8 times assets under management the Asian assets sold at a valuation more than twice that of ING's European private bank, which went to Julius Baer for a multiple of just 2.3 times.
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