OCBC gets requisite nods for Wing Hang takeover

Singapore

OVERSEA-Chinese Banking Corp Ltd (OCBC) said all the pre-conditions to an agreement to buy Hong Kong's Wing Hang Bank Ltd had been satisfied, as various regulators had given their blessing to the US$4.95 billion deal.

OCBC, Singapore's second-largest lender, said the parties had received approvals from the Hong Kong Monetary Authority, Monetary Authority of Singapore, Hong Kong's Securities and Futures Commission, Insurance Authority and Mandatory Provident Fund Schemes Authority, as well as the Monetary Authority of Macau.