Clifford Chance has advised National Australia Bank (NAB) on the sale of its private wealth business in Singapore and Hong Kong to Oversea-Chinese Banking Corporation Bank (OCBC). The business comprises a US$1.7 billion mortgage portfolio and a US$3.05 billion deposit portfolio, and serves more than 11,000 customers from the two booking centres of Singapore and Hong Kong.

Singapore partner Lee Taylor led the cross-border matter and was supported by a large team in Singapore and Hong Kong including counsel Satbir Walia and associates Samantha Eng and Lee Si Min in Singapore, regulatory partner Lena Ng and associate Sheena Teng in Singapore, regulatory partner Matthias Feldmann, counsel Helen Fok and associate Lai Ka Bo in Hong Kong, real estate partner Clara Tang and associate Kenneth Yu in Hong Kong and tax counsel Anthony Fay in Hong Kong, demonstrating the firm's ability to provide seamless advice across the Hong Kong and Singapore markets.

Mr Taylor offers, "The consolidation of private banking in Asia continues to drive these types of sales with more such deals on the horizon; it is pleasing to sit among this highly experienced team that has successfully guided a number of major banks through similar transactions."