DBS, Bank of Singapore in acquisition mode

Acquisition this year amounted to $400m.

DBS Group Holdings Ltd. and Bank of Singapore, Asia’s largest home-grown private banks, will consider more acquisitions as they grapple for a bigger slice of business from the region’s growing number of millionaires.

DBS would look at any deal that fits with its strategy and is at the “right” price, the bank’s consumer and wealth head Tan Su Shan told Bloomberg Television’s Haslinda Amin on Tuesday. Bank of Singapore, Oversea-Chinese Banking Corp.’s private-banking arm, “will definitely evaluate” any opportunities, Chief Executive Officer Bahren Shaari said in a separate TV interview.

The two banks have already announced at least $400 million of acquisitions this year as they seek to compete with larger western rivals such as UBS Group AG. OCBC completed its purchase of Barclays Plc’s wealth-management units in Singapore and Hong Kong on Monday, while DBS said last month it will buy Asian retail and wealth businesses from Australia & New Zealand Banking Group Ltd.

Read more here from Bloomberg.