Singapore’s OCBC has wrapped up the acquisition of private wealth business of National Australia Bank (NAB) in Hong Kong.

The transaction was carried out through OCBC’s wholly-owned subsidiary, OCBC Wing Hang Bank.

In May 2017, OCBC agreed to take over private wealth operations of NAB in Singapore and Hong Kong. The deal adds mortgage portfolio of around $1.7bn, deposits of about $3.05bn and around 11,000 customers to OCBC’s books.

Earlier this month, OCBC completed acquisition of NAB’s private wealth business in Singapore.

At the time of announcing the deal, OCBC COO Ching Wei Hong said: “This deal makes financial and strategic sense to us. A mortgage loans book of more than S$2 billion is not small. It would have taken us time and money to grow our mortgage loans organically by that amount. We are now getting an immediate boost to our mortgage loans book.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.