Sofgen assists Bank of Singapore with integration of Barclays’ wealth business
Bank of Singapore has completed the acquisition of the wealth and investment management business of Barclays in Hong Kong and Singapore. The combined entity has more than $75 billion of assets under management (AUM) and nearly 400 specialist bankers.
The integration took eight months.
On the technology side, the project was carried out by Swiss tech consultancy and integration firm Sofgen. A successful go-live of the unified business took place last weekend, Banking Technology understands.
Two former senior Barclays’ employees – Vikram Malhotra and Andrew Sum – have been appointed as members of the Bank of Singapore management committee and global market heads.
Bank of Singapore is a private banking arm of OCBC Bank. It was formed in 2010 from the combination of the former ING Asia Private Bank and OCBC’s private banking business.