Homepage
PR Newswire
22-02-2014, 08:00 PM
HONG KONG -- Oversea-Chinese Banking Corp and Hong Kong’s Wing Hang Bank said Friday they have extended the exclusivity period for their deal talks until the end of March, the second time they’ve pushed out the deadline for completing the deal, the Dow Jones news agency reported.
OCBC and Wing Hang will continue to engage exclusively during this period to finalize the terms of the offer. OCBC has been negotiating with Wing Hang to buy the Hong Kong-based bank for around US$5 billion (S$6.3 billion), a person familiar with the matter told The Wall Street Journal previously.
The deal would significantly increase OCBC’s exposure to Greater China, raising Chinese loans to 25 per cent of its total from around 15 per cent currently, UBS analysts estimate. It would also give OCBC a foothold in Macau, which generates around 15 per cent of Wing Hang’s pretax profit, as well as access to Greater China trade flows, particularly from Southeast Asia
OCBC and Wing Hang will continue to engage exclusively during this period to finalize the terms of the offer. OCBC has been negotiating with Wing Hang to buy the Hong Kong-based bank for around US$5 billion (S$6.3 billion), a person familiar with the matter told The Wall Street Journal previously.
The deal would significantly increase OCBC’s exposure to Greater China, raising Chinese loans to 25 per cent of its total from around 15 per cent currently, UBS analysts estimate. It would also give OCBC a foothold in Macau, which generates around 15 per cent of Wing Hang’s pretax profit, as well as access to Greater China trade flows, particularly from Southeast Asia