OCBC said to submit binding bid for HK's Wing Hang Bank

Singapore

OVERSEA-Chinese Banking Corp, South-east Asia's second- biggest lender, has made a binding bid for Hong Kong's family- run Wing Hang Bank Ltd, two people with knowledge of the matter said yesterday.

Singapore-based OCBC Bank conducted due diligence and offered less than the two times book value Wing Hang was seeking, said the people, who asked not to be identified as the information is private. The companies are discussing if they can bridge the valuation gap, the people said. The Hong Kong bank has a market value of US$4.6 billion, which is 1.7 times its estimated 2013 book value, data compiled by Bloomberg shows.