ANZ, Singapore's United Overseas eye Hong Kong's Wing Hang Bank - WSJ

Fri Sep 27, 2013 9:30am EDT

Related Topics

(Reuters) - Singapore's United Overseas Bank Ltd (UOBH.SI) and Australia & New Zealand Banking Group Ltd (ANZ.AX) have shown interest in buying Hong Kong's Wing Hang Bank Ltd 0302.HK, the Wall Street Journal said, citing people familiar with the matter.

Wing Hang has become the second family-run Hong Kong bank to get a takeover offer in as many months. In August, Chong Hing Bank Ltd (1111.HK) received offers from multiple parties, Reuters previously reported.

Wing Hang said last week it received preliminary offers from independent third parties to purchase shares in the bank, which has a market value of $3.3 billion.

Hong Kong's Fung family, along with BNY International Financing Corp, control about 45 percent of the bank.

Nomura Holdings Inc (8604.T) is handling the sale process, the Journal reported. (link.reuters.com/xew43v)

Officials from Wing Hang and Nomura weren't available for comment while the two banks declined to comment.

(Reporting by Avik Das in Bangalore; Editing by Sriraj Kalluvila)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.