Oversea-Chinese Banking Corp. has agreed to buy Wing Hang Bank, one of the few remaining family-run lenders left in Hong Kong, for $4.99 billion HK$38.4 billion.
The deal, which still needs regulatory approval, is potentially the biggest acquisition of a Hong Kong-based bank since 2001 when OCBC’s rival Singaporean bank DBS Group acquired Dao Heng Bank.
Hong Kong’s smaller banks have long looked ripe for consolidation as they grapple with increased competition from mainland Chinese banks expanding across the border and with higher costs as a result of having to comply with new rules, most of which are globally driven, such...
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