Patience needed for Wing Hang to bloom
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EIGHT months on since OCBC Bank said it was in exclusive talks to buy Hong Kong's Wing Hang Bank, the process has run smoothly and Monday's rights issue announcement has capped a successful acquisition.
Even an attempt by American hedge fund Elliott Management Corp last month to try and squeeze OCBC into raising its offer price quickly flopped when the bank held firm - kudos to OCBC's management led by its unflappable chief executive, Samuel Tsien.
The bank seems to have regained its standing among investors following the steep 25 per cent discount given by the S$3.3 billion rights issue offer to raise funds to pay for Wing Hang, which will be renamed OCBC Wing Hang on Oct 1.
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