Sources told Reuters that the United Overseas Bank (UOB) of Singapore and the Australia & New Zealand Banking Group were thinking of making an offer for Hong Kong-based Wing Hang Bank. Earlier this month, Wing Hang said its major stakeholders had already received offers from interested parties who wanted to buy their shares. However, the bank did not give the names of the bidders.
Wing Hang has a market capitalization of USD 4.7 billion. It was the second family-run bank to receive buyout offers since August. The first was Chong Hing Bank, according to Reuters. The Fung family of Hong Kong and BNY International Financing Corp hold a 45% stake in the lender.
A spokesman for the UOB would not comment on the report. An ANZ spokesman also told Reuters, "From time to time we look at opportunities as part of our super regional strategy however we don't comment on market speculation."
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