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NAB sells private wealth business in Hong Kong and Singapore to OCBC

National Australia Bank (NAB) has agreed to sell its private wealth business in Hong Kong and Singapore to OCBC, the Australian lender announced today. The largely retail-focused private wealth business comprises of a US$1.7 billion mortgage portfolio and US$3.05 billion in deposits, with about 11,000 customers across Hong Kong (4,000) and Singapore (7,000). A spokesperson for OCBC said the deal…

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