Tuesday, September 16, 2014   

OCBC makes HK$38.4b cash offer to acquire Wing Hang Bank
(04-01 09:29)

Singapore's Oversea-Chinese Banking Corp said it has offered to buy Hong Kong listed Wing Hang (0302) bank for US$4.95 billion.
“The bank has sufficient financial resources to satisfy the full acceptance of the offer through its own internal cash and cash-equivalent resources and/or a commitment loan facility,'' OCBC said in a statement.
OCBC offered to buy each Wing Hang share at HK$125, or a total of HK$38.43 billion (US$4.95 billion) “in cash.’’
The Singapore bank said it has “sufficient financial resources'' to finance the deal.
The offer price gives a 1.6 percent premium to Wing Hang shares as of their last closing price of HK$123, and about 67.3 percent over the 90-day average price, OCBC said in a statement to the Singapore stock exchange.
OCBC said its banking franchise is focused around Singapore, Malaysia and Indonesia with 16 branches and sub-branches in China and one in Hong Kong, while Wing Hang’s banking franchise is focused around Greater China comprising 42 branches in Hong Kong, 15 branches and sub-branches in China and 13 branches in Macau. The acquisition of WHB would
therefore significantly increase the OCBC Group’s coverage in Greater China to a total of 87 branches and sub-branches, giving OCBC an expanded presence in China and Hong Kong in addition to providing it with a new platform in Macau. The enlarged network across Greater
China will put the enlarged OCBC Group in a position to capitalise on increasing trade, investment, capital and wealth flows between Greater China and South East Asia.’’
Wing Hang shares will resume trading today following suspension.
—AFP/The Standard
   
Other Business breaking news:
Bank of China to clear yuan transactions in Paris (09-15 18:28)
OECD lowers growth forecasts as eurozone crimps recovery (09-15 17:26)
Bosch takeover ahead of possible car parts sector shakeup (09-15 17:20)
Jack Ma conciliatory over missed HK listing of Alibaba (09-15 16:56)
Hang Seng finishes lower, Shanghai up (09-15 16:15)
European stocks open lower (09-15 15:23)
TUI Travel, TUI agree to form tourism leader (09-15 15:10)
Russian ruble hits historic low against dollar (09-15 15:09)
Hang Seng down by midday (09-15 12:23)
SKorea posts trade surplus for 31 months (09-15 11:34)

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.