Oversea-Chinese Banking said on April 7 that its private banking unit has signed a deal to buy Barclays’ wealth and investment management business in Singapore and Hong Kong for $320 million in cash.

The purchase price is equivalent to 1.75% of Barclays' wealth assets under management in Singapore and Hong Kong. The assets under management, which total about $18.3 billion, will be transferred to Bank of Singapore, OCBC's private bank unit, Singapore's second-biggest bank by assets said in a statement to the Singapore Exchange.