OCBC to delist Wing Hang Bank after takeover

Singaporean-owned Overseas Chinese Banking Company (OCBC; 039.SGX) will delist Wing Hang Bank (0302.HKG) after buying a 97.52% stake in the lender for US$5 billion, Bloomberg reported, citing a Hong Kong stock exchange statement on Tuesday. Under Hong Kong regulations OCBC needs at least a 90% share to take Wing Hang private. The acquisition will give OCBC more access in the Greater China region and enable both banks to cater to Chinese companies expanding in Southeast Asia. The Wing Hang bid is the largest takeover of a Hong Kong bank since DBS Group Holdings Ltd. (D05.SGX) bought Dao Heng Bank Group for US$5.4 billion in 2001.