Singapore's OCBC in exclusive talks to buy Wing Hang Bank-sources

Fri Jan 3, 2014 6:33am EST

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Jan 3 (Reuters) - Singapore's Oversea-Chinese Banking Corp (OCBC) has begun exclusive talks to buy Hong Kong's Wing Hang Bank in a deal that would value the family-run lender at about $5.3 billion, two people familiar with the matter told Reuters on Friday.

OCBC has offered to buy Wing Hang at about twice its book value and final terms of the deal are still being negotiated, the sources added.

It remains unclear when the two parties are likely to clinch a deal. Binding bids were due in mid-December.

OCBC declined to comment, while Wing Hang could not be reached immediately.

Wing Hang had a book value of HK$20.4 billion ($2.63 billion), accordingly to latest published data. ($1 = 7.7538 Hong Kong dollars) (Reporting by Clare Jim and Denny Thomas; Additional reporting by Saeed Azhar; Editing by David Goodman)

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