May 11 (Reuters) - Oversea-Chinese Banking Corporation Limited OCBC.SI
- 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.
News: NAB OCBC Bank to acquire National Australia Bank's private wealth business in Singapore and...
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