OCBC Bank requests trading halt after reports of its bid for HK's Wing Hang Bank
Singapore lender OCBC Bank requested a trading halt on its shares at 10.30am on Monday, pending the release of an announcement.
This follows reports on Friday that the bank has lodged a binding bid for a family-run bank in Hong Kong valued at US$4.6 billion (S$5.8 billion), a deal that would be its biggest-ever acquisition.
Wing Hang Bank, one of four remaining family-owned banks in Hong Kong, has a market value of US$4.6 billion.
OCBC is said to have offered less than the two times book value that Wing Hang was seeking, according to a Bloomberg report which cited anonymous sources.