Oversea-Chinese Banking Corp. offered HK$38.4 billion ($5 billion) to buy Wing Hang Bank Ltd. in the biggest takeover of a Hong Kong lender since 2001 to gain a foothold in the expanding Chinese financial hub.
Oversea-Chinese Banking Corp.’s talks to buy Wing Hang Bank Ltd. are reminding investors of the decade of writedowns DBS Group Holdings Ltd. went through to integrate its purchase of a Hong Kong-based lender.
Hong Kong Exchanges & Clearing Ltd., the world’s third-biggest bourse operator, will post its biggest quarterly profit growth in almost six years after new listings in the city surged, according to analysts.
DBS Group Holdings Ltd., the lender that offered to buy PT Bank Danamon Indonesia for $7.2 billion, posted first-quarter profit that unexpectedly climbed 16 percent to a record on higher income from interest and trading.
The value of equities traded on Singapore Exchange Ltd. sunk to a two-year low last month, threatening to slow the bourse’s earnings growth, as brokerages restricted investments in so-called penny stocks after three commodity companies plunged.
Oversea-Chinese Banking Corp., Southeast Asia’s second-biggest lender, fell to a more than six- month low in Singapore stock trading amid concern it may pay too much to take over Hong Kong’s Wing Hang Bank Ltd.