SINGAPORE, June 27 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 $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 $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.
The transaction is yet to be finalised, pending satisfaction of a number of conditions.
Moody's Investors Service has maintained its review for downgrade of OCBC's long-term debt, deposit and standalone ratings, and the review for upgrade of Wing Hang's deposit and junior subordinate debt ratings. (Reporting by Rujun Shen; Editing by David Holmes)