Consolidation in the private-banking sector gathered pace Thursday with two new deals, and analysts see more action on the horizon as improving financial health, stiffer regulation and tighter competition drive stronger players to snap up assets at bargain prices.

In the biggest industry deal since the outbreak of the financial crisis in 2007, Oversea-Chinese Banking Corp. said it will buy the Asian private-banking assets from recovering Dutch banking giant ING Groep NV for $1.46 billion.