Oversea-Chinese Banking Corporation has completed the acquisition of National Australia Bank’s Private Wealth business in Hong Kong.
In a filing to the Singapore Stock Exchange (SGX) Oversea-Chinese Banking Corporation (OCBC) said its wholly-owned subsidiary, OCBC Wing Hang Bank, completed the purchase of National Australia Bank’s (NAB) Private Wealth business in Hong Kong on 24 November 2017.
OCBC Singapore's second largest bank, reported higher third-quarter profit last month with the wealth management business making strong contributions. The «bedding in» of the Barclays Wealth and Investment Management (Barclays WIM) business in Singapore and Hong Kong, together with a focus on Greater China significantly lifted the assets at OCBC's private-banking business, Bank of Singapore.
Shrinking Sway of Aussie Banks
The contribution to the bottom line from the NAB wealth units could begin to show up when the bank reports its full year figures early next year. As at the end February 2017, the NAB 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.
This year has seen a spate of divestments by Australia's leading banks paring back and re-structuring their wealth management units in particular. Asian divestment has also been a theme.
At the time the deal was agreed 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.»
