NAB to sell Private Wealth business in Singapore and Hong Kong
- National Australia Bank (NAB) agrees to sell its Private Wealth business in Singapore and Hong Kong to Oversea-Chinese Banking Corporation Bank (OCBC).
- Business, Corporate and Institutional Banking remains NAB’s focus in Asia
NAB has today announced it had entered into an agreement to sell its Private Wealth business in Hong Kong and Singapore to OCBC Bank.
As at the end February 2017, the business to be sold comprised a US$1.7 billion mortgage portfolio and a US$3.05 billion deposit portfolio, with about 11,000 customers across Hong Kong and Singapore. The transaction is expected to complete before the end of 2017 and will not have a material financial impact on NAB.
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.
“As Australia’s biggest business bank, NAB is focussed on helping our business customers in Australia and New Zealand access Asian markets, and on connecting Asian-based businesses to opportunities in Australia and New Zealand. The sale of our Private Wealth business, which is largely a retail business for Private Wealth clients in Hong Kong and Singapore, means our banking offer in Asia remains very focused on business, corporate and institutional customers,” Mr Coad said.
OCBC Bank was established in Singapore in 1932. OCBC Bank and its subsidiaries offer a comprehensive range of commercial banking, specialist financial and wealth management services, including consumer, corporate, investment, private and transaction banking, and treasury, insurance asset management and stockbroking services.
Neil Parekh, NAB General Manager Asia (ex- Greater China) said the transition of customers is expected to complete by the end of the year, and work is underway to support NAB staff through this period of transition.
“We will work closely with OCBC Bank during the transition to completion to ensure a smooth process for customers moving to a business with a comprehensive product offering, as well as supporting our people as we work through impacts and options,” Mr Parekh said.