Oversea-Chinese Banking Corporation (OCBC) has completed acquisition of National Australia Bank’s (NAB) private wealth operations in Singapore.

OCBC agreed to acquire NAB’s private wealth business in Singapore and Hong Kong in May this year.

OCBC is acquiring NAB’s private wealth business in Hong Kong the through its wholly-owned subsidiary, OCBC Wing Hang Bank. This is expected to wrap up on 24 November 2017.

The deal adds $1.7bn mortgage portfolio, deposits of worth $3.05bn and 11,000 customers to OCBC’s existing portfolio.

When the deal was first announced, OCBC Bank 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.

“The mortgage portfolio to be transferred to us is a high quality and well-supported one. And the customers are in the affluent segment that we have been building.”