Wing Hang Bank is the latest family owned lender in Hong Kong to say it has received a takeover approach, prompting talk of sector-wide consolidation
The announcement follows news from Hong Kong’s smallest family-run lender Chong Hing Bank on August 7 that it too had attracted a suitor
Part of the attraction, say M&A bankers, is the potential to use the small Hong Kong banks as a launch pad for cross-border renminbi-denominated business
Bankers say that Hong Kong’s small banks are ripe for consolidation given the manifold pressures on their profits such as low interest rates and competition
Mainland Chinese banks have been expanding aggressively in the financial hub since around 2000 and their share...