Monday, November 24, 2014   

OCBC makes overtures to Wing Hang
(01-06 19:47)

Singapore's Oversea-Chinese Banking Corp said it was in exclusive talks to acquire Hong Kong's Wing Hang Bank, in a move that could give it greater access to the Chinese market.
OCBC said in a statement to the Singapore Exchange it signed an “exclusivity agreement'' on December 31 with the substantial shareholders of Wing Hang.
Under the accord, the substantial shareholders agreed to hold exclusive talks with OCBC until the end of January to finalize terms “for a possible transaction'' that would involve the Singapore bank making a general offer for all Wing Hang shares.
OCBC is Singapore's second biggest bank by total assets.
Grace Wu, a Hong Kong-based analyst at Daiwa Capital Markets, said Hong Kong banks are attractive buys.
“For banks in Asia, acquiring a Hong Kong bank would provide immediate access to China, as most of them have locally incorporated subsidiaries in the mainland,'' Wu told AFP.
“And for banks like Wing Hang Bank – which also enjoys a presence in Macau – the M&A [merger and acquisition] appeal is even greater, in our view.''
Wing Hang has 75 branches across Hong Kong, mainland China and Macau, according to its website.
   
Other Business breaking news:
Hang Seng jumps by lunch (47 mins ago)
PBOC to inject liquidity if necessary (11-21 19:03)
China cuts interest rates (11-21 18:41)
Indexes track Connect (11-21 17:35)
ECB chief says will ramp up asset purchases 'without delay' (11-21 17:09)
European stocks rise at open (11-21 16:23)
Hang Seng ends higher (11-21 16:22)
Nikkei closes higher (11-21 15:03)
Nikkei down by break (11-21 11:03)
Taiwan export orders hit record high on iPhone 6 demand (11-20 19:08)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.