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
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)