OCBC considers bidding for Wing Hang Bank

Needs a gateway into China.

Sources said Oversea-Chinese Banking Corporation, Southeast Asia’s second-largest bank, is considering a bid for Wing Hang Bank Ltd. They said OCBC has been studying an offer for the Hong Kong-based bank for some two weeks.

Family-owned Wing Hang has a market value of HK$35.7 billion. Bloomberg reported Wing Hang saying its shareholders remain in talks with unidentified third parties but hasn’t agreed on definitive terms.

Media reports said OCBC Chief Executive Officer Samuel Tsien is pretty keen on the Chinese market.

Two of Hong Kong’s four remaining family-owned banks are in talks with companies seeking to profit from China’s efforts to increase global use of the renminbi.