March 21, 2014 / 10:02 AM / 3 years ago

OCBC says has not finalised terms on Wing Hang deal

SINGAPORE, March 21 (Reuters) - Singapore’s Oversea-Chinese Banking Corporation Ltd said it has not entered any biding agreement on its offer to take over Hong Kong’s Wing Hang Bank Ltd, after having extended the deadlines for the deal twice in the past two months.

In early January, the two parties expected to finalise the terms for OCBC to make an offer for all the shares of Wing Hang by Jan. 31, estimated at $5.3 billion.

OCBC said negotiations with Wing Hang’s substantial shareholders were ongoing, without mentioning if the extension for finalising the terms of the deal has been extended again.

Reporting by Rujun Shen; Editing by Matt Driskill

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