OCBC agrees to buy Wing Hang for $5 billion

Singapore’s OCBC made a HK$125 cash offer per share for Wing Hang Bank, one of the few family-run holdouts in Hong Kong, where most of its peers have already been gobbled up by mainland Chinese and foreign lenders.

OCBC agrees to buy Wing Hang for $5 billion

Oversea-Chinese Banking Corp. has agreed to buy Wing Hang Bank, one of the few remaining family-run lenders left in Hong Kong, for $4.99 billion HK$38.4 billion. 

The deal, which still needs regulatory approval, is potentially the biggest acquisition of a Hong Kong-based bank since 2001 when OCBC’s rival Singaporean bank DBS Group acquired Dao Heng Bank.

Hong Kong’s smaller banks have long looked ripe for consolidation as...

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