Hong Kong's Wing Hang taps Goldman Sachs to advise on proposed sale

By VCPOST Staff Reporter

Dec 04, 2013 09:19 AM EST

American investment bank Goldman Sachs Group Inc. has reportedly been hired by the biggest shareholder of Wing Hang Bank Ltd. to advise on the sale of the Hong Kong lender.

Reuters said in its report the USD4.5 billion sale of Wing Hang had promised potential buyers a route to mainland China. The sale would be the second this year for a family-owned Hong Kong bank after the sale of Chong Hing Bank Ltd.

The family of Wing Hang chairman Patrick Fung, a family-linked affiliate and the Bank of New York Mellon Corp. own a combined 45% stake in the bank. The group in September said they had received preliminary offers from third parties interested in the asset, the report said. Reuters said Wing Hang's suitors include Singapore's Oversea-Chinese Banking Corp. Ltd., China's Anbang Insurance Group and Agricultural Bank of China Ltd., and Canada's Bank of Nova Scotia.

According to the report, Wing Hang expected the sale to fetch a value of over USD5 billion. At this amount, the deal would make it the second-biggest for an Asian bank this year.  

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