OCBC's $4.9b Wing Hang acquisition wins Hong Kong regulator's nod

Purchase could be announced next week, says Bloomberg.

According to a report by Bloomberg, Oversea-Chinese Banking Corp. is nearing an agreement to acquire Wing Hang Bank Ltd. (302), Hong Kong’s second-largest family-run bank, after securing preliminary approval from the city’s banking regulator, according to people familiar with the matter.

The purchase of Wing Hang, which has a market value of HK$37.8 billion ($4.9 billion), could be announced as soon as early next week, the people said yesterday, asking not to be identified because the details are private. A deal would value Wing Hang at about 1.9 times book value, according to one of the people.

Read full report here.

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