$OVERSEA-CHINESE BANKING CORP(O39.SI)$  Oversea-Chinese Banking Corporation, or OCBC, is a long-established bank and one of the three largest banks in Singapore. While OCBC was on an acquisition trail over the past two decades, we expect new acquisitions to be strategic bolt-ons going forward. The bank is targeting acquisitions in the banking, insurance, and wealth management segments. Prudent valuation, a focus on forming partnerships, and seeking targets with similar cultures are key considerations. Previous acquisitions expanded the bank's geographical presence and strengthened its capabilities. The bank’s private bank division, Bank of Singapore, was established by the acquisition of ING’s private bank as the latter 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. Its bancassurance business was built on the gradual acquisition of Great Eastern. In Indonesia, the bank raised its stake in PT Bank NIP to 85% from 23%, and the most recent acquisition of Wing Hang Bank in Hong Kong provides a good platform and currency base to expand its presence in Greater China. The bank took a 20% stake in the Bank of Ningbo in 2006 and maintains operational relationship.