My first Publication ocbc_ar17_fullreport_english | Page 217

34. SUBSIDIARIES (continued)
34.2 NON-CONTROLLING INTERESTS IN SUBSIDIARIES
The following table summarises the financial information, before intercompany eliminations, relating to principal subsidiaries with
material non-controlling interests (“NCI”).
PT Bank OCBC NISP Tbk
Great Eastern Holdings Limited
$ million 2017 2016 2017 2016
Net assets attributable to NCI
Total comprehensive income attributable to NCI
Dividends paid to NCI during the year 317
26
– 291
41
– 924
146
29 816
74
32
Summarised financial information
Total assets
Total liabilities
Total net assets
Revenue
Profit
Other comprehensive income
Total comprehensive income
Cash flows from/(used in) operating activities
Cash flows from/(used in) investing activities
Cash flows from/(used in) financing activities
Effect of currency translation reserve adjustment
Net changes in cash and cash equivalents
14,769
(12,647)
2,122 14,383
(12,435)
1,948 84,562
(76,931)
7,631 71,123
(64,459)
6,664
801
339
(165)
174 728
179
93
272 1,590
1,167
42
1,209 944
599
9
608
(34)
208
135
–
309
1,176
(1,583)
(460)
–
(867)
6,570
(4,968)
(241)
477
1,838
3,134
(2,434)
(260)
(404)
36
34.3 ACQUISITION OF NON-CONTROLLING INTERESTS
During the year, the Bank acquired 685,400 shares in Great Eastern Holdings Limited (“GEH”), a subsidiary listed on the Singapore
Exchange Securities Trading Limited, at $24.90 per share for a total cash consideration of $17.1 million. Consequently, the Group’s
interest in GEH increased from 87.8% to 87.9%. The Group recognised a decrease in non-controlling interests of $9.9 million and a
corresponding $7.2 million decrease in the revenue reserves.
34.4 ACQUISITION OF PRIVATE WEALTH BUSINESS OF NATIONAL AUSTRALIA BANK
In May 2017, the Bank, together with its wholly-owned subsidiary OCBC Wing Hang Bank Limited, entered into an agreement to acquire
National Australia Bank’s (“NAB”) Private Wealth business in Singapore and Hong Kong. The business comprised a mortgage portfolio
of mainly residential mortgage loans, and a deposit portfolio of deposits of a mix of currencies.
In November 2017, the Group completed the acquisition, which added S$2.06 billion in loans and S$2.42 billion in deposits to the
OCBC franchise.
Total cash received in November 2017 based on estimated net liabilities assumed was S$0.40 billion. Final settlement was completed
in January 2018.
BUILDING ON OUR CORPORATE STRATEGY FOR SUSTAINABLE GROWTH
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