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OCBC to raise $2.7 billion in rights issue to boost capital
August 17, 2014 / 11:52 PM / 3 years ago

OCBC to raise $2.7 billion in rights issue to boost capital

SINGAPORE, Aug 18 (Reuters) - Oversea-Chinese Banking Corp , Singapore’s second-biggest lender, said it plans to raise S$3.37 billion($2.7 billion) in a rights issue to strengthen its capital after the recent acquisition of Hong Kong’s Wing Hang Bank Ltd.

The bank will sell 440 million shares at S$7.65 a share, a 25 percent discount to its last share price of S$10.20 on Friday, it said in a statement.

OCBC took over Wing Hang Bank Ltd in a $4.95 billion deal last month a deal intended to give the Singapore lender a much sought-after gateway to the Greater China region..

Bank of America Merrill Lynch and JPMorgan are handling the deal. (1 US dollar = 1.2448 Singapore dollar) (Reporting by Saeed Azhar; Editing by Michael Perry)

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