International law firm Clifford Chance advised National Australia Bank on the sale of its private wealth business in Singapore and Hong Kong to Oversea-Chinese Banking Corporation Bank.
The business comprises a $1.7 billion mortgage portfolio and a $3.05 billion deposit portfolio, and serves more than 11,000 customers from the two booking centres of Singapore and Hong Kong.
Singapore partner Lee Taylor led the cross-border transaction and was supported by a large team in Singapore and Hong Kong including counsel Satbir Walia and associates Samantha Eng and Lee Si Min in Singapore.
More Deals Expected In Wealth Management
Partner Lena Ng and associate Sheena Teng in Singapore, along with Matthias Feldmann, counsel Helen Fok and associate Lai Ka Bo in Hong Kong looked after the regulatory issues.
Also involved in the complicated transaction were real estate partner Clara Tang and associate Kenneth Yu in Hong Kong and tax counsel Anthony Fay in Hong Kong,
«The consolidation of private banking in Asia continues to drive these types of sales with more such deals on the horizon,» said Taylor.
