National Australia Bank has agreed to sell its Private Wealth business in Singapore and Hong Kong to Oversea-Chinese Banking Corporation.
Australia's National Australia Bank (NAB) has announced it has entered into an agreement to sell its «Private Wealth» business in Hong Kong and Singapore to Singapore's second largest lender OCBC Bank.
The business, is largely a retail business for mass affluent clients in Hong Kong and Singapore.
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.
A Similar Move
The transaction is expected to complete before the end of 2017 and will not have a material financial impact on NAB.
In a move mirroring the sale to DBS Bank by ANZ, NAB cites its focus in Asia will now be on Business, Corporate and Institutional Banking.
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.»
