Summary of Wealth Management M&A – June, July And August 2023

Editorial Staff

10 October 2023

This is a roundup of M&A deals affecting firms in the region. There were a number that indirectly affected it that appear here). Note that at the point of writing the original stories, not all the transactions had won regulatory/shareholder approval, and stories about these transactions may be subsequently updated. This summary is intended to provide a snapshot of transaction agreements and to signify the level of activity in the sector. (To see an earlier summary, click here.) For comments, corrections or feedback, email tom.burroughes@wealthbriefing.com

Ocorian
Ocorian, a specialist global provider of services to financial institutions, asset managers, corporate and high net worth individuals, acquired A-Pass in Hong Kong. The financial transaction size wasn’t disclosed. In an all-share transaction, Ocorian agreed to buy the business from Capricorn Capital Partners HK Limited, the Hong Kong arm of the family-owned global direct private investment business, Capricorn Capital Group. Established in Hong Kong in 2006, A-Pass is a corporate services provider, serving clients from large publicly listed companies to startups and high net worth individuals.

DBS Bank
DBS Bank agreed to sell its majority (77.8 per cent) stake in digital payments business AXS Pte to private equity firm Tower Capital Asia. When the deal concludes, which was expected by August 2023, DBS will continue to retain a minority stake of 9.9 per cent in AXS. Incorporated in 2000 to establish an electronic service delivery network in Singapore, AXS became a DBS subsidiary in 2006.

Citigroup
Citigroup completed the sale and migration of its Taiwan consumer businesses to DBS.

The sale, which was announced in January 2022, includes retail banking, credit card, mortgage and unsecured lending businesses, as well as the transfer of nearly 3,000 employees. The transaction is expected to result in a regulatory capital benefit of approximately $1.2 billion. Citigroup's institutional client businesses in Taiwan are excluded from the sale, and Citigroup said it remains focused on serving institutional clients in Taiwan locally, regionally and globally.