Three banks have offered a bridge loan for the acquisition of Singapore's Overseas-Chinese Banking Corp Ltd. over Wing Hang Bank, reported Reuters citing sources familiar with the matter.
Citing sources, Bloomberg reported that Singaporean lender Oversea-Chinese Banking Corp or OCBC has submitted a binding offer for Hong Kong-based family-run lender Wing Hang Bank Ltd.
The $2.1 billion stake acquisition of Anbang Insurance Group in China Merchants Bank Co has added to the speculation that the insurer is no longer interested in acquiring Hong Kong-based Wing Hang Bank Ltd.
Sources told Bloomberg that Beijing-based insurance firm Anbang Insurance Group was thinking of offering a bid for Hong Kong's Wing Hang Bank Ltd even though an Anbang press official said the company has no plans to purchase the lender.
Sources told Bloomberg that Singapore-based Oversea-Chinese Banking Corp was reviewing a bid for Hong Kong-based Wing Hang Bank.
Sources told Reuters that the United Overseas Bank of Singapore and the Australia & New Zealand Banking Group was contemplating a bid for Wing Hang Bank.
Hong Kong's Wing Hang Bank Ltd. and Chong Hing Bank Ltd. might go on sale after valuations approached levels that were last seen during the 2008 global financial crisis.