Slaughter and May Hong Kong is advising OCBC Bank on its acquisition of National Australia Bank’s (NAB) Private Wealth business in Singapore and Hong Kong.
On completion of the acquisition OCBC Bank will gain access to around 11,000 new customers.
The acquisition comprises a US$1.7 billion mortgage portfolio of mainly residential mortgage loans, and a US$3.05 billion deposit portfolio in a mix of currencies. The deposits booked in Hong Kong will be transferred to OCBC Wing Hang while those booked in Singapore will be transferred to OCBC Bank. The addition of the mortgage loans will increase the overall size of OCBC Bank’s mortgage portfolio by around 4 per cent. The majority of the properties are located in Australia, with others in the UK, Hong Kong, New Zealand and Singapore.
The acquisition is subject to regulatory approval and is expected to complete in the last quarter of 2017.
OCBC Bank was established in Singapore in 1932 and is the second largest financial services group in Southeast Asia by assets. OCBC Bank and its subsidiaries offer a comprehensive range of commercial banking, specialist financial and wealth management services, including consumer, corporate, investment, private and transaction banking, and treasury, insurance asset management and stockbroking services. Its key markets are Singapore, Malaysia, Indonesia and Greater China and it has more than 610 branches and representative offices in 18 countries and regions, including 340 branches and offices in Indonesia (under subsidiary Bank OCBC NISP) and over 100 branches and offices in Hong Kong, China and Macau (under OCBC Wing Hang).
OCBC Bank’s private banking services are provided by its wholly-owned subsidiary Bank of Singapore.
NAB is a financial services organisation, with approximately 33,500 people, 570,000 shareholders and 10 million customers. NAB provides products, advice and services through its major Australian franchise and BNZ in New Zealand, and via its offices in the United Kingdom, the United States and Asia. With over 40 years in Asia, NAB specialises in supporting business and corporate & institutional customers across Asia, Australia and New Zealand. NAB currently has branches in Hong Kong, Shanghai, Beijing, Singapore, Tokyo and Mumbai, as well as representative offices in Hanoi and Jakarta.
Slaughter and May is advising OCBC Bank on the deal with a team led by Peter Lake (partner, in picture), Dennis Li (Head of Real Estate), alongside Mike Ringer (associate), Sondra Wong (associate) and Antonia Tjong (trainee) London: Jane Edwarde (partner), Lee Foxcroft (associate) and Chloe Halloran (trainee).
Involved fees earner: Peter Lake – Slaughter and May; Antonia Tjong – Slaughter and May; Chloe Halloran – Slaughter and May; Dennis Li – Slaughter and May; Jane Edwarde – Slaughter and May; Sondra Wong – Slaughter and May; Lee Foxcroft – Slaughter and May; Michael Ringer – Slaughter and May;
Law Firms: Slaughter and May;
Clients: OCBC Bank;