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BRIEF-OCBC Bank to acquire National Australia Bank's private wealth business in Singapore and Hong Kong
May 11, 2017 / 2:41 AM / 2 months ago

BRIEF-OCBC Bank to acquire National Australia Bank's private wealth business in Singapore and Hong Kong

2 Min Read

May 11 (Reuters) - Oversea-Chinese Banking Corporation Limited

* OCBC Bank to acquire National Australia Bank's private wealth business in Singapore and Hong Kong

* entered into an agreement to acquire National Australia Bank's private wealth business in Singapore and Hong Kong

* Purchase consideration will be at around book value

* business will be earnings accretive to ocbc bank within first year of completion.

* Transaction, expected to be completed before end of year subject to regulatory approval

* addition of us$1.7 billion (s$2.39 billion) of mortgage loans will increase overall size of ocbc bank's mortgage portfolio by about 4 per cent

* transaction is not expected to have a material impact on OCBC Bank's capital position

* OCBC Bank will immediately derive interest income from acquired mortgage loans upon completion

* more than half of mortgage loans are booked in hong kong and will be transferred to OCBC Wing Hang in Hong Kong

* remaining mortgage loans, booked in singapore, will be transferred to ocbc bank. Source text for Eikon: Further company coverage:

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