OCBC shares drop after announcing bid for HK's Wing Hang Bank
Published on Jan 7, 2014 12:04 PM
Shares of Singapore lender OCBC fell on Tuesday morning as investors worry it may end up overpaying for its planned acquisition of Hong Kong's Wing Hang Bank.
OCBC's shares dipped as much as 1.4 per cent to $9.73 on Tuesday, extending a 1.5 per cent loss from the previous day.
Wing Hang shares gained 1 per cent to HK$116.80 in Hong Kong, following a 1.4 per cent drop on Monday.
Both stocks resumed trading after suspensions on Monday.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!