Nearly there: Regulators drop the green-light on OCBC-Wing Hang deal

The acquisition is almost in the bag.

OCBC is quickly approaching the finish line for the acquisition of Hong Kong’s Wing Hang Bank. Singapore’s second-largest bank announced on Friday that all of the pre-conditions related to the acquisition have already been satisfied.

The agreement has been approved by the Monetary Authority of Singapore, Hong Kong Monetary Authority (HKMA), Hong Kong's Securities and Futures Commission, Insurance Authority and Mandatory Provident Fund Schemes Authority, as well as the Monetary Authority of Macao.

The deal’s composite document has been released on Sunday, June 29. The offer is set to close on Tuesday, July 29.

Here’s more from OCBC:

WHB, the Offeror and OCBC are pleased to announce that,
(a) the HKMA has granted the approval for each of the Offeror and OCBC to become a majority shareholder controller (as such term is defined in the Banking Ordinance) of WHB, Wing Hang Finance Company Limited and Inchroy Credit Corporation Limited under section 70 of the Banking Ordinance;

(b) the MAS has granted the approval for each of the Offeror and OCBC to acquire a major stake (as such term is defined in the Banking Act of Singapore) in WHB as required under section 32(1) of the Banking Act of Singapore;

c) the SFC has granted the approval for each of the Offeror and OCBC to become a substantial shareholder (as such term is defined in the SFO) of each of Wing Hang Shares Brokerage Co. Limited, Honfirst Investment Limited and Chekiang First Securities Co. Limited under section 132 of the SFO. As WHB is a registered institution under the SFO, approval from the SFC for the Offeror and OCBC to become a substantial shareholder of WHB is not required;

(d) the Insurance Authority of Hong Kong has confirmed that its approval is not required for each of the Offeror and OCBC to become a controller (as such expression is defined under the Insurance Companies Ordinance (Chapter 41 of the Laws of Hong Kong)) of Hong Kong Life Insurance Limited;

(e) the Mandatory Provident Fund Schemes Authority has granted the approval for each of the Offeror and OCBC to become a controller (as such expression is defined under the Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong)) of Bank Consortium Trust Company Limited; and

(f) the AMCM has granted the approval to the Offeror and OCBC to acquire a qualifying holding (as such expression is defined under the Macau Financial System Act) of Banco Weng Hang, S.A..

Accordingly, as at the date of this announcement, all the Pre-Conditions have been fulfilled

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