OCBC $4.75 billion acquisition of NAB's private wealth business

Overview:

• Oversea-Chinese Banking Corporation Bank (OCBC) entered into an agreement to acquire National Australia Bank (NAB)'s private wealth business in Hong Kong and Singapore. 
• The business to be sold comprised of a $1.7 billion mortgage portfolio and a $3.05 billion deposit portfolio, covering 11,000 customers across Hong Kong and Singapore. 
• NAB is Australia's biggest business bank. It has been withdrawing its overseas presence and will focus on Asian corporate, business and institutional customers instead.
• OCBC Bank also purchased Barclays' wealth units in Hong Kong and Singapore in 2016. 

Wai Yee Tsang - Journalist