OCBC eyes to raise funds after takeover
Print Edition
Singapore’s Oversea-Chinese Banking Corp, Southeast Asia’s second-largest lender, plans to raise S$3.3 billion (US$2.7 billion) from existing shareholders at a discount following its acquisition of Hong Kong-based Wing Hang Bank.
The bank may sell up to 440 million new shares at S$7.65 each on the basis of one rights share for every eight existing shares held by current shareholders, it said yesterday.
The funds will strengthen the balance sheet and enhance OCBC’s financial flexibility following the successful completion of its HK$37.8 billion (US$5 billion) cash acquisition of Wing Hang Bank in late July.
The takeover is the biggest in Hong Kong since DBS, the largest Southeast Asia bank, bought Dao Heng Bank for US$5.2 billion in 2001.
Merging Wing Hang’s operations may incur an integration cost of between S$40 million and S$50 million, OCBC CEO Samuel Tsien said.
The takeover will extend OCBC’s presence in China and enable the lender to offer more banking services to Chinese companies in Southeast Asia. The bank planned to spend about 1.8 billion yuan (US$293 million) to raise its stake in Shenzhen-listed Bank of Ningbo to 20 percent from 15.34 percent in a private placement. The shares issue was approved by the Chinese securities regulator last Friday.
Wing Hang’s existing branches in Hong Kong and Macau will be called OCBC Wing Hang and get a new logo from October.
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