OCBC secures takeover of Hong Kong's Wing Hang Bank

Singapore’s Oversea-Chinese Banking Corporation has acquired a total of 97.52% of the issued share capital of Wing Hang Bank, closing the US$4.95 billion ($6.15 billion) bid for the Hong Kong lender, the banks said on Tuesday.

The Wing Hang Bank has made an application to the stock exchange for the suspension of trading in its shares from 9 a.m. on Wednesday until the delisting of the shares, a joint statement said.

Earlier in the month investors were concerned that OCBC might be forced to increase its offer after U.S. hedge fund manager Eilliott Management Corp took a near 8% stake in Wing Hang.