- 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