Wing Hang Bank disclosed that its majority shareholders are in “exclusive” talks with OCBC under an agreement that runs until the end of this month.
Wing Hang Bank has 75 branches across Hong Kong, mainland China and Macau, according to its website.
OCBC Bank states that it is the longest established Singapore bank and second biggest in terms of assets. It was formed in 1932 from the merger of three local banks, the oldest of which was founded in 1912.
Its banking business operates as OCBC Bank, Bank OCBC NISP and Bank of Singapore in over 15 countries, and has strategic stakes in other financial services businesses operating under independent brands.
These brands are Great Eastern, in the insurance sector; Lion Global Investors, in asset management; and OCBC Securities and Bank of Singapore Securities, in the brokerage market.
In 2010, Singapore’s Monetary Authority of Singapore lifted a ban on the sale of structured notes imposed on six companies, including OCBC Securities, in the wake of the Lehman Brothers mini bonds mis-selling scandal.
Lion Global Investors launched its first ever Luxembourg-domiciled Sicav funds in 2011.
