Singapore’s OCBC Bank has agreed to acquire National Australia Bank’s private wealth business in Singapore and Hong Kong. The business comprised a mortgage portfolio amounting to about US$1.7 billion worth of mainly residential mortgage loans, and a deposit portfolio made up of about US$3.05 billion worth of deposits of a mix of currencies. The transaction is expected to be completed before the end of the year subject to regulatory approval. When the deal is completed, OCBC Bank will gain access to about 11,000 new customers primarily from the affluent segment – more than 7,000 in Singapore and about 4,000 in Hong Kong. The majority of the customers are Singapore and Hong Kong residents. The addition of S$2.39 billion of mortgage loans to OCBC’s mortgage portfolio will also raise its overall size by about 4%, based on its mortgage loans book of S$60 billion as at 31 March.
