Asia: Singapore’s OCBC completed its acquisition of Australia NAB’s private wealth business

Following its submission to the Singapore Stock Exchange in early this year, Singapore’s OCBC recently completed its acquisition of National Australia Bank (NAB)’s Private Wealth business in Singapore in November.

In addition to its acquisition on NAB in Singapore, OCBC expects that its acquisition of NAB’s private wealth business in Hong Kong through its wholly owned subsidiary OCBC Wing Hang Bank Limited will be completed before the end of this year. The sale of NAB’s Private Wealth business in two key Asian markets is an attempt to simplify NAB’s business in Asia to focus on its corporate and institutional customers.

According to RFi Group data, among the affluent banked population in Singapore, OCBC is in the top three banks in terms of a number of relationships. Around one in four (27%) affluent banked customers in Singapore holds a priority account with OCBC Premier. With OCBC’s acquisition of NAB in Singapore, the bank is likely to see a rise in its share in Singapore as well as in Hong Kong market.

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