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NAB ends Singapore fling
National Australia Bank has been advised on the sale of its private wealth business in Singapore and Hong Kong.
Tom Lodewyke
Firms: Clifford Chance (NAB); Allen & Gledhill (Oversea-Chinese Banking Corporation Singapore); Slaughter and May (Oversea-Chinese Banking Corporation Hong Kong)
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Deal: NAB agreed to sell its private wealth business in Singapore and Hong Kong to Oversea-Chinese Banking Corporation (OCBC).
Value: Undisclosed
Area: Banking and finance
Key players: The Clifford Chance team advising NAB was led by Singapore-based partner Lee Taylor (pictured). The Singapore team included partner Lena Ng, counsel Satbir Walia and associates Samantha Eng, Sheena Teng and Lee Si Min. The firm’s Hong Kong team included partners Matthias Feldman and Clara Tang, counsel Anthony Fay and associates Helen Fok, Lai Ka Bo and Kenneth Yu.
Deal significance: NAB has agreed to sell its private wealth business in Singapore and Hong Kong to OCBC. The business includes a mortgage portfolio of US$1.7 billion and a deposit portfolio of US$3.05 billion, and serves more than 11,000 customers in Singapore and Hong Kong.
Clifford Chance partner Lee Taylor said the deal reflects the increasing consolidation of banks in Asia.
“The consolidation of private banking in Asia continues to drive these types of sales, with more such deals on the horizon,” he said.
“It is pleasing to sit among this highly experienced team that has successfully guided a number of major banks through similar transactions.”
The deal is expected to be completed later this year.
