Still, wing hang s sale process had attracted interest from suitors including agricultural bank of china, australia and new zealand banking group and singapores united overseas bank. Wing hang bank 302 hk a wealthy farewell to fung family the adjusted acquisition pb should be 2. Ocbc wing hang bank limited jobs, ocbc wing hang bank. The acquisition of wing hang has given ocbc a network of about 70 branches spanning. Sale of our equity investment in wing hang bank limited wing hang in july 2014, bny international financing corp. Ocbc wing hang bank limited formerly wing hang bank limited is a licensed bank with its.
Globalcapital asiaasiamoney regional capital markets. Ocbcwing hang bank takeover deal a question of price south. Ocbc wing hang bank limited, a whollyowned subsidiary of ocbc, has completed the acquisition of national australia bank s nab private wealth business in hong kong on november 24, according to a filing at the sgx. Ocbc said it would retain the name of wing hang, founded in 1937. Wing hang would be the second familyowned bank in the city to be sold in recent months. Announcement on the stock exchange of hong kong on close of the voluntary general offer by ocbc bank to acquire wing hang bank, limited whb. Further, the exchange rate and gold price stored must be in multiple of 0. The acquisition of wing hang has given ocbc a network of about 70 branches. Acquisitions no easy way for singaporean banks to win in hong kong, mainland china. A singaporebased financial services company, the second largest lender in southeast asia, offered to acquire a hong kong bank, the eighth largest lender in the country, for a premium price per share. Ocbc group major regulatory announcements ocbc bank. Ocbc acquires national australian banks private wealth. Reference is made to i the composite offer and response document jointly issued by oversea chinese banking corporation limited ocbc, ocbc pearl limited the offeror and wing hang bank, limited whb dated 30 june 2014, ii a joint announcement issued by ocbc, the offeror and whb on 29 july 2014 regarding the close of the offers and. Singapore, 18 august 2014 overseachinese banking corporation limited ocbc bank today announced a.
While an acquisition of wing hang would give ocbc a gateway into mainland china and help bridge the gap with dbs group holdings, which operates hong kongs fifthbiggest bank. Prior to the completion of the acquisition of wing hang bank, ocbc bank. Bny mellon is pleased to see an agreement has been reached between wing hang bank and ocbc. The acquisition, ocbcs biggest, would give singapores. Close of the voluntary general offer by ocbc bank to acquire wing hang bank, limited whb. We struggle to see how an acquisition of wing hang will generate a. If the beneficiary account is ocbc wing hang bank account, the beneficiary will receive the fund on the same day. Ocbcwing hang bank takeover deal a question of price. A bloomberg news report last week cited two unnamed people with knowledge of the deal as saying that ocbc had conducted due diligence and made wing hang an offer that was less than the two times book value the hong kong bank was seeking. Browse operational risk jobs at ocbc wing hang bank limited apply now for operational risk jobs at ocbc wing hang bank limited.
The deal to buy wing hang bank ltd was the outcome of months of negotiations, with the deadline for an agreement extended not once, but twice. The next major acquisition occurred in 2001, when ocbc bank acquired. Overseachinese banking corps plan to take over wing hang bank, the. China merchants bank s purchase of wing lung bank, completed in 2009, valued the lender at 3. Ocbcs wing hang buyout trebles contribution from greater china.
Compulsory acquisition and withdrawal of listing of whb shares and suspension of trading. But the singapore bank stood firm on its offer and declined to. Bank of east asia first issued shares to caixa in 2007, and since then the spanish bank and smbc have together increased their stakes to over a third of the hong kong bank. On 1 october 2014, wing hang bank was rebranded as ocbc wing hang bank to reflect its integration into the ocbc family.
Successful acquisition of wing hang bank building a well. Ocbc bank is ranked worlds strongest bank for the second consecutive year. Under the hong kong companies ordinance, ocbc bank, with 97. Three months later, a multibillion hedge fund firm based in the united states had accumulated close to 8 per cent of the hong kong bank s shares. Analysts saw the move as a plan to put pressure on ocbc to raise its offer price. Apr14 ocbc wing hang bank voluntary conditional offer 100. By cynthia koons and prudence ho singapores overseachinese banking corp. Excluding the balance sheet gains the bank has recognised for the rising value of its property, and after adjusting for the final dividend to shareholders, the price represents a multiple of about 2 times book value. Browse senior credit manager jobs at ocbc wing hang bank. The two sides are planning to announce the deal on tuesday morning, people. It provides a comprehensive range of banking and related financial services through the holding bank and its subsidiaries in hong kong and china. Wing hang investors had hoped for a similar multiple to book value as.
Familyrun chong hing is the second bank in hong kong, asias. As of the closing of the vgo, ocbc bank has acquired shares or received acceptances totaling 300,731,090 shares or a total 97. Operational risk jobs in ocbc wing hang bank limited. Acquisitions no easy way for singaporean banks to win in. Elliotts perspectives on bank of east asia, limited bea. Sell and switch to dsb, which is another potential acquisition target. Overseachinese banking corps plan to take over wing hang bank, the citys secondlargest familycontrolled bank, raises the question of what would be. Ocbc wing hang bank limited, a whollyowned subsidiary of ocbc, has completed the acquisition of national australia bank. On average, the acquisition price of hong kong banks has been 1. Ocbc succeeds in bid to acquire hks wing hang bank, banking. Since end of july 2014 wing hang bank has been a subsidiary of overseachinese banking corporation ocbc of singapore.
Ocbc bank donates story books to the children of kangqiao primary school. Browse senior credit manager jobs at ocbc wing hang bank limited apply now for senior credit manager jobs at ocbc wing hang bank limited. Ocbc of singapore is closing in on a deal for wing hang bank, one of. The offer values wing hang at twice the book value, adjusting for the final dividend and the bank. Ocbc banks acquisition of wing hang bank wins spate of best deal. Still, wing hang s sale process had attracted interest from suitors including agricultural bank of china 601288. Wing hang bank s investors will be entitled to a dividend of as much as 46 hong kong cents per share if the takeover is approved by stockholders, according to todays statement. Wing hang was the eighthlargest lender in hong kong. The offer values wing hang at twice the book value, adjusting.
Overseaschinese banking corporation has agreed to buy wing hang bank, a familyowned bank in hong kong, for close to us5 billion 5. With the wing hang acquisition, ocbc today banks all the bluechip. Ocbc wing hang bank is the holding company and the principal operating company of the group. Ocbc wing hang bank limited browse jobs at ocbc wing hang bank limited apply now for jobs at ocbc wing hang bank limited. The move seeks to boost the bank s mortgage and deposit books. The issue price represents a discount of 25% to the closing price of. Ocbc in exclusive talks to acquire hk bank, top stories.