Date
20 October 2018

OCBC mulls bid for Wing Hang Bank, report says

Singapore’s Oversea-Chinese Banking Corp. (OCBC), Southeast Asia’s second-largest bank, is said to be considering a bid for Hong Kong’s Wing Hang Bank Ltd. (00302.HK), the Hong Kong Economic Journal reported Friday. OCBC is weighing an offer to buy the family-run lender, it said, citing Bloomberg. Other potential suitors include Agricultural Bank of China (01288.HK), Australia and New Zealand Banking Group Ltd. and Singapore’s United Overseas Bank Ltd, the report said. The news comes as Chong Hing Bank Ltd (01111.HK), another Hong Kong family-owned bank, nears a deal to be bought by China’s Yue Xiu Group. Chong Hing Bank shares have been suspended pending an announcement.

– Contact HKEJ at [email protected]

KZ/AC

 

EJI Weekly Newsletter

Please click here to unsubscribe