ANZ, UOB said considering bid for Wing Hang Bank

Sep 28, 2013, 6:56 AM EDT
A man passes a logo of United Overseas Bank in the central business district in Singapore, April 29, 2013.
REUTERS/Edgar Su

Singapore's United Overseas Bank and the Australia New Zealand Banking Group are reportedly considering a bid for Hong Kong's Wing Hang Bank. Wing Hang, which has a market capitalization of $4.7 billion, said earlier this month that it had received preliminary offers from unnamed parties independent third parties to purchase a controlling interest. Hong Kong's Fung family and BNY International Financing Corp., control about 45% of the bank. The expansion of the offshore yuan fixed income market has made Hong Kong's mid-sized banks increasingly attractive to foreign lenders seeking a gateway to the China market.

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