NAB shops in Asia
(19 November 2009 – Asia) NAB has agreed to acquire the Hong Kong-based company, Calibre Asset Management, and continues the trend of Australian banks diving into the emerging Asian markets.
The asset management company, which advises clients on investment strategies, has been purchased for an undisclosed amount, will become a unit of NAB and will continue to operate under the Calibre name.
Andrew Macintosh, general manager, NAB, Hong Kong, said that expanding into asset management was a way to keep customers.
Mr Macintosh attributes a ‘flight to quality’ to be behind the bank’s 60 percent increase in deposits and assets under management in the last 18 months.
Many of the bank’s clients have recently moved deposits into property in Hong Kong, Britain and Australia, Mr Macintosh added.
Mr Macintosh highlighted that it is anticipated that clients would be looking for greater investment options including equities and managed funds.
Providing asset management gives customers another choice within the bank and NAB will continue to look at acquisition opportunities in asset management in Asia, Mr Macintosh concluded.
Andrew Macintosh, general manager, NAB, Hong Kong, said that expanding into asset management was a way to keep customers.
Mr Macintosh attributes a ‘flight to quality’ to be behind the bank’s 60 percent increase in deposits and assets under management in the last 18 months.
Many of the bank’s clients have recently moved deposits into property in Hong Kong, Britain and Australia, Mr Macintosh added.
Mr Macintosh highlighted that it is anticipated that clients would be looking for greater investment options including equities and managed funds.
Providing asset management gives customers another choice within the bank and NAB will continue to look at acquisition opportunities in asset management in Asia, Mr Macintosh concluded.
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