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OCBC closes acquisition of NAB's private wealth biz in Hong Kong

Oversea-Chinese Banking Corp. Ltd. completed the acquisition of National Australia Bank Ltd.'s private wealth business in Hong Kong for an undisclosed sum.

The Singapore-based bank said Nov. 27 that its unit, OCBC Wing Hang Bank Ltd., closed the purchase of NAB's Hong Kong business on Nov. 24.

OCBC entered into an agreement in May to acquire NAB's private wealth businesses in Singapore and Hong Kong. The purchase of the Singapore business was completed Nov. 10.