Elliott Stake Thwarts OCBC-Wing Hang Deal

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Hedge fund Elliott Management has enhanced its stake in Hong Kong lender Wing Hang Bank, Limited (HKG:0302) (OTCMKTS:WGHGY) to nearly 8% by acquiring an additional 8.7 million Wing Hang shares last week. Oversea-Chinese Banking Corp. Limited (SGX:O39) now holds 50.4% stake in Wing Hang Bank. OCBC’s nod from regulators Last week, OCBC said it had received the go-ahead from regulators in Hong Kong, Singapore and Macau to acquire family-owned Hong Kong lender Wing Hang Bank, Limited (HKG:0302) (OTCMKTS:WGHGY). In its statement to the Singapore stock exchange, OCBC disclosed that till last week, it had garnered a 50.4% interest in Wing Hang,…

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Mani is a Senior Financial Consultant. He has worked in Senior Management role in large banking, financial and information technology organizations. He has provided solutions for major banking and securities firms across the globe in the area of retail, corporate and investment banking. He holds MBA (Finance) and Professional Management Accounting Qualifications. His hobbies are tracking global financial developments and watching sports