Na wu beng, the new ceo of wing hang bank ocbc group hong kong after serving for 10 years at bank ocbc nisp as a commissioner in 2004 and vice director since 2005 to date, as of 5 august 2014, mr. Announcement on the stock exchange of hong kong on close of the voluntary general offer by ocbc bank to acquire wing hang bank, limited whb. The offer values wing hang at twice the book value, adjusting for the final dividend and the bank. Assuming approval, the two banks would then announce the deal. Globalcapital asiaasiamoney regional capital markets. New name, new vision, ocbc bank merges two banking subsidiaries in china to become ocbc wing hang china. The opening announcement of ocbc wing hang bank china limited. For credit ratings that are derived exclusively from an existing credit rating of a program, series, categoryclass of debt, support provider or primary rated entity, or that replace a previously assigned provisional rating at the same rating level, moodys publishes a rating announcement on that series, categoryclass of debt or program as a whole, on the support provider or primary rated. Ocbc chief samuel tsien confident on wing hang deal.
Ocbc, southeast asias secondbiggest lender, fell 1. Under the hong kong companies ordinance, ocbc bank, with 97. We attain the targets by actively fulfilling our governance, environmental and community responsibilities. Na wu beng has an extensive experience in the banking industry, especially at ocbc bank. Still, wing hang s sale process had attracted interest from suitors including agricultural bank of china, australia and new zealand banking group and singapores united overseas bank.
Apr 24, 2020 in depth view into overseachinese banking price to book value including historical data from 2008, charts, stats and industry comps. Swift code wihbhkhh is identifying ocbc wing hang bank limited in the country hong kong. Opus bank and pacific premier bank have announced they will merge posted on mar 11, 2020. Jan 03, 2014 ocbc offer is double wing hang s book value. Wing hang bank 302 hk a wealthy farewell to fung family the adjusted acquisition pb should be 2. Swift code wihbhkhh for the bank ocbc wing hang bank limited is used to transfer fund to international banks. Indian bank and allahabad bank have announced they will merge posted on mar 6, 2020. Peers dbs group holdings ltd was flat and united overseas bank ltd was 0. Ocbc acquires national australian banks private wealth. Ocbc wing hang china joins hands with china construction bank and chongqing three gorges bank to promote singaporechina financial cooperation. More consolidation in asian private banking as ocbc to buy nabs singapore and hong kong business.
Since end of july 2014 wing hang bank has been a subsidiary of overseachinese banking corporation ocbc of singapore. Ocbc continued focus in greater china simons trading. Acquisition of wing hang bank case solution,ocbc versus hedge fund. Ocbc wing hang bank limited, a whollyowned subsidiary of ocbc, has completed the acquisition of national australia bank s nab private wealth business in.
Singapores ocbc in exclusive talks to buy wing hang bank. Jan 24, 2014 wing hang would be the second familyowned bank in the city to be sold in recent months. Compulsory acquisition and withdrawal of listing of whb shares and suspension of trading. The negative pressure on ocbc s tier 1 ratio will come from sgd2. Jun 30, 2014 ocbc chief samuel tsien confident on wing hang deal schedule. Ocbc agreed to acquire nabs private wealth business in singapore and hong kong in may this year. Post ocbcs acquisition of wing hang bank in 2014, ocbc has benefitted significantly from enhancing franchise value through the merger across greater china as it continues to be managements focus as the largest market outside singapore. More consolidation in asian private banking as ocbc to buy. The move seeks to boost the bank s mortgage and deposit books. Wing hang was the eighthlargest lender in hong kong. Management has maintained the need for strong capital levels amid.
Acquisition of wing hang bank case analysis, ocbc versus hedge fund. These include over 330 branches and offices in indonesia under subsidiary bank ocbc nisp and over 100 branches and offices in hong kong, china and macao under ocbc wing hang. The purchase of wing hang, the secondlargest familycontrolled lender in the city after bank of east asia, gives ocbc an additional 70 branches in china 42 in hong kong, 15 on the mainland and. The bank s last major purchase was completed in 2010 when it bought ing groups asian private bank. Moreover, ocbc s tier 1 will decrease because of higher risk weighted assets. Verify carefully the transferees account number and transfer amount and the account name if available before confirming a fund. Jul 18, 2016 ocbc bank said on monday it has merged its two subsidiaries in china ocbc bank china and wing hang bank china limited to form ocbc wing hang bank china limited. The swift or bic code wihbhkhh of the ocbc wing hang bank limited is unique for each branch in. Ocbc extends wing hang bank talks south china morning post. On 27 june 2014, ocbc bank announced that the preconditions for ocbc bank to make a.
Wing hang bank is being advised by goldman sachs group and nomura. Our full suite of wealth solutions cater to your individual financial needs to help you protect your money and grow your savings. By cynthia koons and prudence ho singapores overseachinese banking corp. Based on a search of the cause book of the high court of hong kong conducted on. Ocbc wing hang bank limited formerly wing hang bank limited is a licensed bank with its. Acquisition of wing hang bank case study solution, a singaporebased financial services company, the next biggest lender in southeast asia, offered to obtain a hong kong bank, the eighth largest lender in t. May 16, 2014 ocbc posted record profit in its first quarter in fy 2014, a 29 percent jump as compared to a year ago. Ocbc was said to bid less for the familyrun lender than its owners are seeking. Pay attention before confirming a fund transfer instruction. Na wu beng, the new ceo of wing hang bank ocbc group hong. Ocbc ceo says expects 2020 revenue to be hit by 2 percent due to impact of coronavirus.
Shop, ground floor, nos 4054 castle peak road, yuen long, new territories, hong kong. Ocbc conducted due diligence and bid less than the two times book value wing hang was seeking, two people familiar with the matter said jan. The issue price represents a discount of 25% to the closing price of. Ocbc of singapore is closing in on a deal for wing hang bank, one of hong. Ocbc is acquiring nabs private wealth business in hong kong the through its whollyowned subsidiary, ocbc wing hang bank. The offer values wing hang at twice the book value, adjusting for the. Ocbc said in talks for alldebt financing for wing hang. O39 benefitted significantly from enhancement in franchise value in acquiring wing hang bank. Wing hang would be the second familyowned bank in the city to be sold in recent months. Ocbc wing hang bank limited and its hk subsidiaries and other parties own the trademarks, logos and service marks displayed on this websitemobile application and you are not allowed to use any of them without the prior written consent of ocbc wing hang bank limited and its hk subsidiaries and the party owning such rights. Singapores ocbc near announcing wing hang bank acquisition.
Post ocbc s acquisition of wing hang bank in 2014, ocbc has benefitted significantly from enhancing franchise value through the merger across greater china as it continues to be managements focus as the largest market outside singapore. Wing hang is the eighthlargest lender in hong kong. Update 1singapores ocbc in exclusive talks to buy wing hang. Ocbc group major regulatory announcements ocbc bank. Agreement follows several similar deals over the past few years, which saw a few. Update 1singapores ocbc in exclusive talks to buy wing hang bank sources. Ocbc banks private banking services are provided by its whollyowned subsidiary bank of singapore, which operates on a unique openarchitecture product platform to.
On 1 october 2014, wing hang bank was rebranded as ocbc wing hang bank to reflect its integration into the ocbc family. Singapores ocbc joins bid for wing hang bank banking. Ocbc in exclusive talks to acquire hk bank, top stories. The firm prospered during the postwar boom and in 1960 incorporated as wing hang bank.
Singapores ocbc to announce deal tuesday valuing hong kong bank at. At ocbc wing hang bank limited macau, corporate social responsibility represents our commitment to promote business activities that bring economic, social and environmental benefits to the society. A bloomberg news report last week cited two unnamed people with knowledge of the deal as saying that ocbc had conducted due diligence and made wing hang an offer that was less than the two times book value the hong kong bank was seeking. Ocbc has offered about twice wing hang s book value in a. Acquisition of wing hang bank created franchise value across greater china. It has 42 branches in hong kong, 15 on the mainland, and in macau. In what would be the second billiondollar acquisition of a hong kong bank in recent months, ocbc is close to buying wing hang, a small lender with branches. The acquisition of wing hang has given ocbc a network of about 70 branches. The acquisition, ocbcs biggest, would give singapores.
Ocbc said to win hong kong regulator nod for wing hang deal. Wing hang is the biggest deal for ocbc ceo samuel tsien, who took the post in april 2012. To encourage green living and paper saving, ebanking customers can view, print and download account statements and advices via internet banking. Ocbc wing hang bank limited, a whollyowned subsidiary of ocbc, has completed the acquisition of national australia bank s nab private wealth business in hong kong on november 24, according to a filing at the sgx. Sell and switch to dsb, which is another potential acquisition target. The acquisition of wing hang has given ocbc a network of about 70 branches spanning hong kong, macau and mainland. Other market opportunities may bode well for longer term regionalisation strategy. Ocbc chief samuel tsien confident on wing hang deal schedule. Southeast asias second largest lender ocbc agrees to buy nabs private wealth business in singapore and hong kong. Ocbc offer to acquire wing hang bank would allow ocbc to gain a foothold in the chinese economy and benefit from any upward growth in the chinese economy. Ocbc, ocbc pearl limited the offeror and ocbc wing hang bank limited whbdated 30 june 2014 the composite document, ii a joint announcement issued by ocbc, the offeror and whb on 29 july 2014 regarding the close of the offers and suspension of trading of whb. Last march, ocbc bank announced ocbc wing hang bank had entered into an agreement to sell its 33. Management has maintained the need for strong capital levels amid volatile markets and.
Canara bank and syndicate bank have announced they will merge posted on mar 6, 2020. Bny mellon is pleased to see an agreement has been reached between wing hang bank and ocbc. In 1973 the irving trust company of new york acquired a majority interest in wing hang and the partnership provided the bank with a stronger financial base and the expertise of a major international bank. Ocbc said it would retain the name of wing hang, founded in 1937. Notably, ocbc s main rationale behind buying wing hang was to capitalise on future asian trade opportunities given its network in the pearl river delta, and not so much for its retail franchise. Wing hang announced in september that its biggest shareholder, bank of. Customers can carry out transfers at the fingertips without extra charge. Close of the voluntary general offer by ocbc bank to acquire wing hang bank, limited whb. Ocbc wing hang offers a range of commercial banking and related financial services.
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