Published by Finews.asia – 13th Nov 2017
Oversea-Chinese Banking Corporation has completed the acquisition of National Australia Bank’s Private Wealth business in Singapore.
In a filing to the Singapore Stock Exchange (SGX) Oversea-Chinese Banking Corporation (OCBC) said it had completed the purchase of National Australia Bank’s (NAB) Private Wealth business in Singapore on 10 November 2017.
OCBC’s acquisition (through its wholly-owned subsidiary, OCBC Wing Hang Bank Limited) of NAB’s Private Wealth business in Hong Kong is expected to complete on 24 November 2017.
Simplified Asian Business
As at the end February 2017, the business to be sold comprised a $1.7 billion mortgage portfolio and a $3.05 billion deposit portfolio, with about 11,000 customers across Hong Kong and Singapore.
At the time the deal was agreed NAB executive general manager for International Branches Peter Coad said «the sale simplifies NAB’s Asian business so that it can focus on better serving its business, corporate and institutional customers.»
