Oversea-Chinese Banking Corp.’s $5 billion offer for Hong Kong’s Wing Hang Bank Ltd. seems “fair on both sides,” according to Aberdeen Asset Management Plc, which owns at least 7 percent of both companies.
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. is nearing an agreement to acquire Wing Hang Bank Ltd., Hong Kong’s second-largest family-run bank, after securing preliminary approval from the city’s banking regulator, according to people familiar with the matter.
Yang Wei, 26, and his wife share a small apartment in the manufacturing hub of Dongguan, in the Pearl River Delta. Every morning they bicycle a few kilometers to their jobs at two electronics components plants. To see their 6-year-old daughter they take a 17-hour train ride, followed by six more hours on three buses. She lives in mountainous Fenghuang County, Hunan, more than 600 kilometers (373 miles) to the northwest, with Yang’s 53-year-old mother. He and his wife see their daughter once every 12 months for 10 days during the Chinese New Year.