In a deal estimated to be worth less than $5 million, National Australia Bank, Hong Kong has announced it has acquired investment advisory firm Calibre Asset Management.

NAB’s Hong Kong general manager of banking, Andrew Macintosh, said the expansion would help to retain customers by offering them additional services.
He said the bank would continue to look at acquisition opportunities in asset management in Asia.
"Calibre Asset Management is a stand out performer in its category and its recent performance through the global financial crisis confirmed its credentials,” said Mr Macintosh. “This acquisition will significantly increase the breadth and quality of the offering for our private clients,” he said.
NAB is one of eight AA-rated banks in the world and specialises in local and overseas property portfolios, allowing customers to borrow against property they own in other countries.
Calibre, established in 2002, advises clients on investment strategies. Under the agreement it will become a subsidiary of NAB but retain the Calibre name.
In 2006, NAB sold its asset management business in Hong Kong and Indonesia to Axa Asia Pacific Holdings for $575 million.