ANZ eyes HK's Wing Hang Bank

Australian, Singaporean banks considering a bid for Hong Kong-based lender.

Australia and New Zealand Banking Group (ANZ) and Singapore's United Overseas Bank are considering an offer for Hong Kong's Wing Hang Bank, Reuters reports.

According to the publication, Wing Hang earlier announced its controlling shareholders had received preliminary offers to purchase their shares but did not name the bidders.

ANZ is pursuing a growth strategy of expansion across Asia.

Wing Hang is the second family-run Hong Kong bank to receive a takeover offer since August, after Chong Hing Bank said it had received offers for multiple parties but did not name them, Reuters reports.

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