Oversea-Chinese Banking Corp., or OCBC, is one of the three largest banks in Singapore. It has expanded over the past two decades through acquisitions, and we think it could do further mergers and acquisitions in Asia in banking, insurance, or wealth management. OCBC’s private bank division, Bank of Singapore, was established by the acquisition of ING’s private bank when ING exited the Asia region following the global financial crisis. The operation's scale was increased by bolting on Barclays' wealth-management arm in Singapore and Hong Kong and, later, National Australia Bank's wealth-management business. OCBC's bancassurance business was built on the gradual acquisition of Singapore-based insurer Great Eastern. In Indonesia, the bank raised its stake in PT Bank NISP to 85% from 23% (with a further bolt-on acquisition of PT Bank Commonwealth), and it has announced plans to acquire HSBC's Indonesia retail business in the second quarter of 2027. It also bought Wing Hang Bank in Hong Kong in 2014 as a platform to expand its presence in Greater China, on top of its 20% stake in the affiliate Bank of Ningbo purchased in 2006.