OCBC said to submit binding bid for HK's Wing Hang Bank
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
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.
Share with us your feedback on BT's products and services
TRENDING NOW
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Beijing’s calculated silence on the Iran war
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
Vietnam formalises new state leadership, redefining ‘four pillars’ power balance
