OCBC in discussions to possibly acquire all Wing Hang Bank shares

Negotiations to last until January 31.

OCBC Bank has confirmed that on December 31, 2013, it entered into an exclusivity agreement with the substantial shareholders of Wing Hang Bank, Limited (WHB). These consist of members of the Fung family and their affiliates and related family trusts, and BNY International Financing Corporation.

Under the terms of the exclusivity agreement, the substantial shareholders have agreed that, until January 31, 2014, they will engage exclusively with OCBC to seek to finalise the terms for a possible transaction which would, should it proceed, involve OCBC making a general offer for all of the shares of WHB.

No binding agreement in relation to the possible offer has at this stage been entered into by OCBC with the substantial shareholders or WHB.

Discussions between OCBC and the substantial shareholders are ongoing and no definitive terms nor formal legal documentation for the possible offer have been agreed at this stage.

In addition, any possible offer would be subject to obtaining all relevant regulatory and other approvals, including approvals from the Monetary Authority of Singapore and the Hong Kong Monetary Authority.

Accordingly, at this stage, there is no certainty that the terms of a possible offer will be agreed, or that a possible offer or any similar transaction will ultimately be consummated.