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.”