OCBC in exclusive talks for HK lender
Print Edition
Singapore’s Oversea-Chinese Banking Corp said yesterday 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.
Dow Jones Newswires said a potential deal could value the Hong Kong lender at more than US$5 billion.
OCBC said in a statement to the Singapore Exchange that 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 finalise terms “for a possible transaction” that would involve the Singapore bank making a general offer for all Wing Hang shares.
OCBC, Singapore’s second biggest bank by total assets, stressed that no deal has yet been reached.
“Accordingly, at this stage, there is no certainty that the terms of a possible offer will be agreed, or that a possible offer or any similar transaction will ultimately be consummated,” OCBC said.
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