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Hong Kong's Wing Hang Bank is now subsidiary of OCBC Bank

Published on Jul 15, 2014 8:32 PM

SINGAPORE - Wing Hang Bank in Hong Kong has become a subsidiary of OCBC Bank, given that the Singapore bank now owns more than 50 per cent of Wing Hang's shares.

OCBC said in a separate statement on Tuesday that it will not increase its offer price for the remaining shares of Wing Hang.

Singapore's second largest lender is keeping its offer at HK$125 for each Wing Hang share it does not already own.

It added that it will not be allowed to increase its offer price "save in wholly exceptional circumstances".

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