OCBC $4.75 billion acquisition of NAB's private wealth business

11/5/2017
Private acquisition

$ 4.75 billion

Announced

11/5/2017


Overview:

  • Oversea-Chinese Banking Corporation Bank (OCBC) entered into an agreement to acquire National Australia Bank (NAB)'s private wealth business in Hong Kong and Singapore. 
  • The business to be sold comprised of a $1.7 billion mortgage portfolio and a $3.05 billion deposit portfolio, covering 11,000 customers across Hong Kong and Singapore. 
  • NAB is Australia's biggest business bank. It has been withdrawing its overseas presence and will focus on Asian corporate, business and institutional customers instead.
  • OCBC Bank also purchased Barclays' wealth units in Hong Kong and Singapore in 2016. 

Wai Yee Tsang - Journalist 

Continue reading...

New to IFLR1000?

Register today for FREE:

  • Understand market dynamics, with data broken by deal type and more
  • Access law firms and lawyers involved in deals
  • Gain unique insight into lawyers recent work
REGISTER NOW

Sign in