ANZ looks at Hong Kong bank
Singapore's United Overseas Bank is also considering a bid for the bank, which has a market capitalisation of about $US4.7 billion.
Wing Hang's stock price has soared about 40 per cent since the middle of September when it revealed its controlling shareholders had entered takeover talks.
The bank, which is controlled by the Fung family and BNY Mellon, has 40 branches in Hong Kong, 14 in mainland China and 11 in Macau.
"From time to time we look at opportunities as part of our ... regional strategy," an ANZ spokesman said. "However, we don't comment on market speculation."
Asian expansion is a top priority for ANZ chief executive Mike Smith, who formerly ran HSBC's operations in Hong Kong.
About 20 per cent of ANZ's revenue comes from outside Australia, but Mr Smith has a target of 25 to 30 per cent by 2017.
In 2008 ANZ was said to be interested in buying another family-owned Hong Kong bank, Wing Lung.
However, mainland bank China Merchants Bank Co. bought Wing Lung for $US2.47 billion.
Frequently Asked Questions about this Article…
Media reports in Hong Kong say ANZ is considering a bid for Hong Kong's Wing Hang Bank. The reports also note Singapore's United Overseas Bank is weighing a potential bid, and Wing Hang has a market capitalisation of about US$4.7 billion.
The article highlights takeover talks by Wing Hang's controlling shareholders and the bank's regional footprint — 40 branches in Hong Kong, 14 in mainland China and 11 in Macau — which have coincided with takeover interest from banks such as ANZ and United Overseas Bank.
Wing Hang's stock price has surged about 40% since the middle of September after the bank revealed its controlling shareholders had entered takeover talks.
An ANZ spokesman said the bank 'from time to time' looks at opportunities as part of its regional strategy but that ANZ does not comment on market speculation.
Asian expansion is a top priority for ANZ CEO Mike Smith (who formerly ran HSBC’s Hong Kong operations). The article notes about 20% of ANZ's revenue currently comes from outside Australia, and Mr Smith has a target of 25–30% by 2017.
Wing Hang is controlled by the Fung family and BNY Mellon, according to the article.
Yes. The article recalls that in 2008 ANZ was said to be interested in buying another family‑owned Hong Kong bank, Wing Lung, although mainland China’s China Merchants Bank ultimately bought Wing Lung for US$2.47 billion.
Singapore's United Overseas Bank is also reported to be considering a bid. For everyday investors, competing takeover interest can drive share‑price volatility and premium moves, as seen in Wing Hang's roughly 40% rise after takeover talks were revealed.
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