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Article: BRIEFING - ASIA BANKING - OCT 16, 2009.

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AsiaPulse News
Article date:
October 16, 2009
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An executive briefing on banking for Oct 16, 2009, prepared by Asia Pulse (http://www.asiapulse.com), the real-time, Asia-based wire with exclusive news, commercial intelligence and business opportunities.

SINGAPORE'S OCBC BANK ACQUIRES ING ASIA PRIVATE BANKING BUSINESS

SINGAPORE - Oversea-Chinese Banking Corporation Limited (OCBC Bank) announced Thursday its acquisition of ING Asia Private Bank Limited (IAPB) and its affiliated entities for US$1.463 billion.

OCBC said in a statement that it reached agreement with ING Bank N.V. to acquire its Asian private banking business. The acquisition will be funded by the bank's existing resources.

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