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OCBC succeeds in bid to acquire HK's Wing Hang Bank

Singapore lender can now make Wing Hang wholly-owned unit

Published on Jul 30, 2014 9:31 AM
Passerbys walk past the main branch of the 77-year-old Wing Hang Bank at Sheung Wan, Hong Kong. -- PHOTO: ST FILE 

OCBC Bank has succeeded in its $6.23 billion bid to acquire Hong Kong's Wing Hang Bank, a triumphant conclusion to the biggest takeover the Singapore lender has ever launched.

By the close of the voluntary offer for Wing Hang at 4pm yesterday, the offer had been accepted by 97.52 per cent of the Hong Kong bank's shareholders, allowing OCBC to take Wing Hang private, it said in a statement.

The announcement comes two weeks after the Singapore bank said in an update that its offer to buy the Hong Kong lender's shares - at HK$125 (S$20) apiece in cash - had been accepted by 50.4 per cent of Wing Hang's shareholders.

Last week, it was reported that Aberdeen Asset Management, Wing Hang's third-largest shareholder, had agreed to sell its 7.4 per cent stake to OCBC.

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