Oversea-Chinese Banking Corporation Limited (SGX:O39) entered into an agreement to acquire private wealth business in Hong Kong and Singapore from National Australia Bank Limited (ASX:NAB) on May 11, 2017. The purchase consideration will be at around the book value, or net asset value, of the business at the time of completion. More than half of the mortgage loans are booked in Hong Kong and will be transferred to OCBC Wing Hang and the remaining, booked in Singapore, will be transferred to Oversea-Chinese Banking Corporation. The transaction is subject to regulatory approval and is expected to be completed before the end of 2017. The transaction is not expected to have a material impact on Oversea-Chinese Banking Corporation's capital position. The business will be earnings accretive to Oversea-Chinese Banking Corporation within the first year of completion.

On November 10, 2017, Oversea-Chinese Banking Corporation completed the acquisition of National Australia Bank's private wealth business in Singapore. Oversea-Chinese Banking Corporation's acquisition of National Australia Bank's private wealth business in Hong Kong is expected to complete on November 24, 2017.

Lee Taylor, Satbir Walia, Samantha Eng, Si Min Lee, Lena Ng, Sheena Teng, Matthias Feldmann, Helen Fok, Bo Lai, Clara Tang, Kenneth Yu and Anthony Fay of Clifford Chance acted as legal advisors for National Australia Bank Limited and Allen & Gledhill and Slaughter and May acted as legal advisors to Oversea-Chinese Banking Corporation Limited. Morgan Stanley Australia Limited acted as financial advisor for National Australia Bank Limited. Ernst & Young acted as a due diligence provider to National Australia Bank Limited.