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Trading in Hong Kong's Wing Hang Bank shares suspended after talk of OCBC bid

Published on Jan 6, 2014 12:45 PM
 

HONG KONG (Reuters) - Trading in Hong Kong's Wing Hang Bank was halted on Monday, following reports that Singapore's Oversea-Chinese Banking Corp (OCBC) had started exclusive talks to buy the family-run lender in a deal that would value it at about US$5.3 billion.

Reuters reported late on Friday that OCBC, Singapore's second largest bank by assets, has offered around twice Wing Hang's book value.

Wing Hang did not give any reasons for suspending the shares.

Wing Hang shares last traded down 1.4 per cent at HK$115.60, while the benchmark Hong Kong benchmark share index was down 0.6 per cent by midday. OCBC shares were halted earlier on Monday.