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.
MSCI Inc.’s proposal to include China’s mainland-traded shares in its emerging-market indexes may lure $4.4 billion in funds, with China Merchants Bank Co. and Agricultural Bank of China Ltd. among the top beneficiaries.
China’s yuan tumbled by the most on record on speculation the central bank will widen the currency’s trading band, allowing greater volatility at a time when growth is slowing in the world’s second-largest economy.
China Merchants Bank Co. plans to raise 34.8 billion yuan ($5.68 billion) in the world’s second- largest share sale this year starting Aug. 26, bolstering its capital as regulatory requirements tighten.
China Merchants Bank Co., the nation’s sixth-largest lender by assets, won approval for the Hong Kong portion of a share sale, clearing the way for what may be the world’s second-largest stock offering this year.