Date
21 August 2017
Wing Hang Bank gives OCBC a network of about 70 branches in Hong Kong, Macau and mainland China. Photo: HKEJ
Wing Hang Bank gives OCBC a network of about 70 branches in Hong Kong, Macau and mainland China. Photo: HKEJ

OCBC to delist Wing Hang after acquiring 97.5% stake

Singapore’s Oversea-Chinese Banking Corp. (OCBC) said it now owns 97.52 percent of Wing Hang Bank Ltd. (00302.HK) after shareholders accepted its US$5 billion takeover offer, allowing the acquirer to take the Hong Kong lender private, Bloomberg News reported on Wednesday.

OCBC, Southeast Asia’s second-largest bank, will delist Wing Hang, it said in a statement to the Hong Kong stock exchange on Tuesday, the last day of the offer.

On completion of the compulsory acquisition of the remainder of the shares, Wing Hang will become a subsidiary of OCBC, according to the statement.

“Integrating the operations and businesses of Wing Hang Bank with OCBC will now pick up speed,” OCBC chief executive Samuel Tsien was quoted as saying.

The acquisition will give OCBC more opportunities in the Greater China region and allow both banks to offer services to Chinese companies expanding in Southeast Asia, Tsien said.

Wing Hang gives OCBC a network of about 70 branches in Hong Kong, Macau and mainland China, the report said.

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CG

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