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PR Newswire
24-09-2013, 09:47 AM
Further update on the topic...
HK family banks may be sold as valuations recover
HONG KONG — Some of Hong Kong’s remaining family-owned banks may finally be willing to sell as potential takeover valuations approach levels last seen before the height of the global financial crisis five years ago.
Shares in Wing Hang Bank have surged 42 per cent since it said last week that its shareholders were in talks with unnamed parties to sell, while those of Chong Hing Bank have risen 55 per cent since disclosing last month approaches from suitors. Both generate most of their income from traditional services such as loans, mortgages and credit cards, their latest annual reports show.
Wing Hang had a market value last week of HK$36.6 billion (S$5.9 billion), while Chong Hing was valued at HK$15.5 billion.
Hong Kong’s banks are attracting suitors as the city’s role as the largest offshore yuan centre draws companies seeking financing. Outstanding yuan-denominated loans in Hong Kong surged to 113 billion yuan (S$23 billion) in July from 1.8 billion yuan in 2010, the Hong Kong Monetary Authority said.
The “offshore yuan business offers good growth opportunity to Hong Kong banks”, said Hong Kong-based Kathy Xu, investment manager at Aberdeen Asset Management, which oversees about US$318 billion (S$397 billion) of assets worldwide.
...
http://www.todayonline.com/business/hk-f...ns-recover
HK family banks may be sold as valuations recover
HONG KONG — Some of Hong Kong’s remaining family-owned banks may finally be willing to sell as potential takeover valuations approach levels last seen before the height of the global financial crisis five years ago.
Shares in Wing Hang Bank have surged 42 per cent since it said last week that its shareholders were in talks with unnamed parties to sell, while those of Chong Hing Bank have risen 55 per cent since disclosing last month approaches from suitors. Both generate most of their income from traditional services such as loans, mortgages and credit cards, their latest annual reports show.
Wing Hang had a market value last week of HK$36.6 billion (S$5.9 billion), while Chong Hing was valued at HK$15.5 billion.
Hong Kong’s banks are attracting suitors as the city’s role as the largest offshore yuan centre draws companies seeking financing. Outstanding yuan-denominated loans in Hong Kong surged to 113 billion yuan (S$23 billion) in July from 1.8 billion yuan in 2010, the Hong Kong Monetary Authority said.
The “offshore yuan business offers good growth opportunity to Hong Kong banks”, said Hong Kong-based Kathy Xu, investment manager at Aberdeen Asset Management, which oversees about US$318 billion (S$397 billion) of assets worldwide.
...
http://www.todayonline.com/business/hk-f...ns-recover
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