Industrial & Commercial Bank of China Ltd, Bank of Communications Ltd and Australia & New Zealand Banking Group Ltd were shortlisted to bid for Hong Kong's Wing Lung Bank Ltd, people familiar with the matter said.
Chairman Michael Wu and his extended family, seeking to sell a combined 53 percent stake in the bank, opened Wing Lung's books to the three companies, the two people said, declining to be identified before an agreement is reached. Bids may value the bank at more than US$4.8 billion.
ICBC, the world's largest bank by market value, and BoCom are trying to wield their combined US$191 billion of cash for acquisitions while ANZ is seeking growth in Asia. Family-run Wing Lung offers buyers a 35-branch network in Hong Kong and US$12 billion in assets, Bloomberg News said.
"These buyers are eyeing the network and full license that Wing Lung has developed for years," said Ivan Li, an analyst at Kim Eng Securities in Hong Kong. "Hong Kong is always seen as a gateway into Chinese mainland and to international markets."
(Shanghai Daily April 11, 2008)
