Consolidation in the private banking sector has gathered momentum 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 financial crisis began, Oversea-Chinese Banking Corp. announced Thursday that it would buy the Asian private banking assets of the recovering Dutch banking giant ING Group NV for $1.46 billion.

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