SINGAPORE (May 11): OCBC Bank has entered into an agreement to acquire National Australia Bank’s (NAB) Private Wealth business in Singapore and Hong Kong as it seeks to bolster operations serving Asia’s rich.

The transaction, which is expected to be completed before the end of the year subject to regulatory approval, will see OCBC gain access to about 11,000 new customers – more than 7,000 in Singapore and about 4,000 in Hong Kong.

The US$3.05 billion in customer deposits being acquired are a mix of currencies including the Australian dollar, Hong Kong dollar, Singapore dollar and US dollar.

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