Negotiations Continue At Hong Kong Bank Wing Lung

May 2008 | M&A News Alert

An unusual opportunity to purchase a Hong Kong bank has presented itself in the sale of the controlling stake in Wing Lung Bank. Chairman Michael Wu and his family are holding negotiations to sell their 53% stake in the bank which the Wu family established in 1933. The bank which has 35 branches in Hong Kong, US$12bn in assets and employs some 1,660 people is expected to fetch a purchase price of more than US$4bn. China Merchants Bank, Industrial & Commercial Bank of China (ICBC) and Australia & New Zealand Banking Group (ANZ) are all competing for the bank.

If you would like to subscribe to Corporate Financing Week and gain instant access to this article, please click here to subscribe.

If you would like to take a trial to Corporate Financing Week please click on the trial link below.