National Australia Bank (NAB) has agreed to acquire Hong Kong-based investment advisory firm Calibre Asset Management (Calibre) for less than $5m. Reportedly, Australian banks are eager to expand their footprint in the fast-growing Asian asset management industry. Recently, ANZ Bank acquired some of Royal Bank of Scotland Group’s Asian assets for $550m.
NAB said that Calibre will boost its offering in Hong Kong, where it specializes in domestic and overseas property portfolios, term deposits and foreign currency needs. Cameron Clyne, CEO said that the bank has spent over $1 billion over the one past year to beef up its wealth management, insurance and mortgage operations and the bank continues to look at acquisition opportunities.
George Wright, spokesman of NAB, said: “This is a small acquisition to enhance the services we provide to those clients. Calibre will retain its own name and become a subsidiary of NAB. NAB’s group-wide acquisition strategy remains focused on small to medium bolt-on acquisitions in Australia.”
