Oversea-Chinese Banking Corp, Singapore’s third-largest lender, is set to transform its regional footprint after trumping HSBC to acquire the Asian private banking assets of ING Group for $1.46bn.

The cash deal, which triples OCBC’s private banking funds to $23bn, marks the latest asset disposal in the region by a troubled western financial group. AIG, the stricken US insurer, this week sold its Taiwanese life assurance unit for $2.15bn.