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Australian banks withdraw from Asia’s private wealth sector

National Australia Bank (NAB) is the latest Australian lender to retreat from the private wealth space in Hong Kong and Singapore. This morning, NAB announced that it would sell its largely retail-focused private wealth business in Asia to OCBC. The deal involves a US$1.7 billion mortgage portfolio and US$3.05 billion in deposits, along with roughly 11,000 customers across Hong Kong (4,000)…

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