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OCBC Successfully Acquired NAB Private Wealth in Singapore and Hong Kong
OCBC continues to expand its wealth business by completing the acquisition of National Australia Bank’s (NAB) Private Wealth business in Singapore and Hong Kong.
” OCBC Acquires NAB Private Wealth Business in Singapore and Hong Kong “
The announcement made on 11th May 2017, was to complete the acquisition by November 2017. NAB’s Private Wealth business in Singapore was completed on the 10th November 2017 while the Private Wealth business in Hong Kong is expected to complete on the 24th November 2017. In Hong Kong, the acquisition is done through its wholly-owned subsidiary, OCBC Wing Hang Bank.
Source: finews.asia, Regulatory Filing
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OCBC (SGX:O39) is the longest established Singapore bank — it was born out of the Great Depression through the consolidation of three banks in 1932: the Chinese Commercial Bank Limited (incorporated in 1912), the Ho Hong Bank Limited (incorporated in 1917) and the Oversea-Chinese Bank Limited (incorporated in 1919). It operates its banking business as OCBC Bank, Bank OCBC NISP, OCBC Wing Hang China, OCBC Al-Amin, and Bank of Singapore in over 18 countries and territories.
- Origin : Singapore
- Assets : SGD 390.19 billion
- Revenue : SGD 8.72 billion
- Employees : 29,000
Official Website: www.ocbc.com
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