OCBC to raise $3.37b in rights issue to boost capital
Published on Aug 18, 2014 9:39 AM
SINGAPORE (Reuters) - Oversea-Chinese Banking Corp, Singapore's second-biggest lender, said it plans to raise $3.37 billion in a rights issue to strengthen its capital after the recent acquisition of Hong Kong's Wing Hang Bank.
The bank will sell 440 million shares at $7.65 a share, a 25 per cent discount to its last share price of $10.20 on Friday, it said in a statement.
OCBC took over Wing Hang Bank in a $6.2 billion deal last month a deal intended to give the Singapore lender a much sought-after gateway to the Greater China region..
Bank of America Merrill Lynch and JPMorgan are handling the deal.