Singapore-based Oversea-Chinese Banking Corporation (OCBC) purchased approximately 97.52% shareholding in Wing Hang Bank, closing the HK$38.4bn ($4.95bn) bid for the family-run Hong Kong lender.
A statement by both banks revealed that the Wing Hang Bank has submitted an application to the Hong Kong Exchange for the suspension of trading in its shares until the delisting.
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The Wing Hang acquisition is one of the biggest takeover for a Hong Kong bank since DBS – OCBC’s biggest rival in Singapore – offered $5.4bn for Dao Heng Bank in 2001.
It is believed that the acquisition will provide OCBC with greater access in the Greater China region while delivering services to Chinese companies expanding in South-east Asia.
Upon completion of acquisition of the Hong Kong bank’s remaining shares, Wing Hang will operate as an OCBC subsidiary.
Wing Hang will provide OCBC a network of approximately 70 bank branches encompassing Hong Kong, Macau and mainland China.
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