Wing Hang Bank may get bids from ANZ, United Overseas Bank - sources

By Rizza Sta. Ana

Sep 27, 2013 11:20 AM EDT

The Wall Street Journal cited sources who said Hong Kong-based Wing Hang Bank Ltd had garnered interest from Australia & New Zealand Banking Group Ltd and United Overseas Bank Ltd of Singapore. Wing Hang is partly controlled by the Fung family. The Fung family with BNY International Financing Corp owned 45% of the Hong Kong bank.

Reuters said that Wing Hang would be the second family-run bank in Hong Kong who would be getting a takeover bid. The news agency reported in August that Chong Hing Bank Ltd received multiple bids from investors. Last week, Wing Hang said independent third parties had placed their bids to purchase shares in the family-run bank. The bank's total shares were valued at USD3.3 billion.

The Journal added that Nomura Holdings Inc was tapped to handle the takeover process.

When asked for comment, Wing Hang and Nomura officials were not available to provide one. ANZ and United Overseas refused to provide a statement regarding the report. 

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