OCBC secures takeover of HK’s Wing Hang Bank
HONG KONG — Oversea-Chinese Banking Corp (OCBC) has acquired 97.5 per cent of the shares of Wing Hang Bank, closing the HK$38.4 billion (S$6.2 billion) bid for the family-run Hong Kong lender.
HONG KONG — Oversea-Chinese Banking Corp (OCBC) has acquired 97.5 per cent of the shares of Wing Hang Bank, closing the HK$38.4 billion (S$6.2 billion) bid for the family-run Hong Kong lender.
OCBC, South-east Asia’s second-largest lender, will delist Wing Hang, it said in a statement filed with the Hong Kong Exchange yesterday, the last day of the offer. Hong Kong takeover rules required OCBC to own at least 90 per cent of Wing Hang’s shares before the bank could be delisted.
The Wing Hang takeover is the largest for a Hong Kong bank since DBS, OCBC’s biggest rival in Singapore, offered US$5.4 billion (S$6.7 billion) for Dao Heng Bank in 2001.
The acquisition will give OCBC more access in the Greater China region as well as enable it to offer services to Chinese companies expanding in South-east Asia, chief executive Samuel Tsien said. AGENCIES
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