Sunday, May 24, 2015Sunday, May 24, 2015

OCBC Bank requests trading halt after reports of its bid for HK's Wing Hang Bank

Published on Jan 6, 2014 11:10 AM

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.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!