Magic Circle firm advises as NAB unloads private wealth business in SG and HK

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Clifford Chance has confirmed that it advised National Australia Bank (NAB) on its sale of its private wealth business in Singapore and Hong Kong to Oversea-Chinese Banking Corporation (OCBC).

The business comprises a US$1.7bn mortgage portfolio and a US$3.05bn deposit portfolio, and serves more than 11,000 customers across the two jurisdictions.

The deal, which is expected by OCBC to close before the end of the year, comes as banks in Singapore combat a soft loan market, which is lowering earnings growth forecasts, by bolstering income streams.

The Magic Circle firm fielded a cross-border team for the complex transaction. The team was led by Singapore partner Lee Taylor, who was supported by large teams in both Singapore and Hong Kong.

In Singapore, the team included regulatory partner Lena Ng and associate Sheena Teng, and counsel Satbir Walia and associates Samantha Eng and Lee Si Min. In Hong Kong, the team included regulatory partner Matthias Feldmann, counsel Helen Fok and associate Lai Ka Bo; real estate partner Clara Tang and associate Kenneth Yu; and tax counsel Anthony Fay.

“The consolidation of private banking in Asia continues to drive these types of sales with more such deals on the horizon,” Taylor said.

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