M and A
OCBC Completes Acquisition Of Australian Bank's Wealth Arm In Singapore
Another M&A deal in the Asia-Pacific wealth management arena reaches the finishing line.
Oversea-Chinese Banking Corporation has completed its acquisition of National Australia Bank’s private wealth business in Singapore.
Singapore-listed OCBC said in a statement that its wholly-owned subsidiary OCBC Wing Hang Bank is expected to close the acquisition in Hong Kong on 24 November, 2017. The deal was originally agreed in May.
As at the end of February 2017, NAB’s private wealth business was estimated to holdf a $1.7 billion mortgage portfolio and $3.05 billion deposit portfolio consisting of a mix of currencies, with a customer pool of 11,000 people across the Asian commercial centres of Hong Kong and Singapore, a report had said.
NAB, which is headquartered in Melbourne, has spun off business arms and consolidated operations in a number of areas, an approach also taken by Australia and New Zealand Banking Group, which last year sold its Asian private bank and retail banking arms.
