Sgx Singapore News Update : Epic Research Singapore

Oversea-Chinese Banking Corp Ltd (OCBC) said all the pre-conditions to an agreement to buy Hong Kong's Wing Hang Bank Ltd had been satisfied, as various regulators had given their blessing to the US$4.95 billion deal.

OCBC, Singapore's second-largest lender, said the parties had received approvals from the Hong Kong Monetary Authority (HKMA), Monetary Authority of Singapore, Hong Kong's Securities and Futures Commission, Insurance Authority and Mandatory Provident Fund Schemes Authority, as well as the Monetary Authority of Macao.


OCBC offered US$4.95 billion for Wing Hang, one of Hong Kong's last remaining family-owned banks, betting on China's continuous economic growth in what would be the bank's biggest-ever acquisition.

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