Australia's NAB buys Hong Kong wealth manager

SYDNEY, Nov 18 - National Australia Bank Ltd <NAB.AX>, the nation's largest lender has bought Hong Kong wealth manager Calibre Asset Management in a deal it said on Wednesday was worth less than A$5 million .

The boutique advisory firm will boost NAB's offering in Hong Kong where the Australian lender specializes in local and overseas property portfolios, term deposits and foreign currency needs, NAB said in a statement. NAB has spent over $1 billion in the past year to beef up its wealth management, insurance and mortgage businesses, and Chief Executive Cameron Clyne said last month that the bank continues to look at acquisition opportunities.