NAB offloads HK, Singapore wealth business

NAB has agreed to sell its wealth management business in Singapore and Hong Kong, offloading about $A2.3 billion in mortgages and $A4.15 billion in deposits.

National Australia Bank has agreed to sell its wealth management business in Singapore and Hong Kong to Singapore-based Oversea-Chinese Banking Corp.

OCBC says in a statement it will acquire a mainly residential mortgage portfolio of about $US1.7 billion ($A2.3 billion), a $US3.05 billion ($A4.15 billion) deposit portfolio and 11,000 mostly affluent customers.

OCBC did not give a price for the transaction and said it would be determined by the value of the assets at completion, which is subject to regulatory approval and is expected before the end of the year.