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OCBC now owns 97.52% of Wing Hang

OCBC said it will exercise its right under the Hong Kong Companies Ordinance to compulsorily acquire all remaining shares that it does not already own.

SINGAPORE: OCBC Bank on Tuesday (July 29) said it now owns 97.52 per cent of Hong Kong's Wing Hang Bank. In its statement, OCBC also said it will exercise its right under the Hong Kong Companies Ordinance to compulsorily acquire all remaining shares that it does not already own.

On completion of the acquisition process, Wing Hang Bank will become a wholly owned subsidiary of OCBC and its shares will be delisted from the Hong Kong Stock Exchange.

OCBC first announced a takeover offer for Wing Hang Bank in April this year. Wing Hang Bank has a network of 70 branches spanning Hong Kong, Macau and mainland China, while OCBC has a total of 88 branches in the Greater China region. 

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