China Merchants Bank clinches Wing Lung deal

The Chinese lender agrees to pay 3.1 times book to buy control of Hong Kong-based Wing Lung, valuing the bank at $4.7 billion and triggering a general offer.

China Merchants Bank has triumphed in the three-month battle for Hong Kong-listed Wing Lung Bank and has agreed to buy the 53% controlling stake that is held by the Wu family at a price that puts the lenderÆs equity valuation at about $4.7 billion. The deal will trigger a general offer for the rest of the bank.

CMB, which is widely regarded as ChinaÆs most profitable commercial bank, will pay the equivalent of 3.1 times Wing LungÆs book value...

FinanceAsia has updated its subscription model. Registered readers now have the opportunity to read five articles from our award-winning website for free. Please subscribe for unlimited access.

Click for more on: ma | banks | jpmorgan | credit suisse | ubs

Print Edition

FinanceAsia Print Edition