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More than HK$40b to take Wing Hang Bank private, says source

Three parties are reported to be interested in the city's second-largest family-owned lender, which could go for about two times book value

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The family of chairman and chief executive Patrick Fung Yuk-bun and Bank of New York together control 45 per cent of Wing Hang Bank.

Wing Hang Bank's potential suitors may need to pay more than HK$40 billion to take the city's second-largest family-owned bank private.

More than three parties were talking to Wing Hang, a person familiar with the situation said.

Those who showed the most interest aimed at a full takeover, he said.

The potential deal would echo China Merchants Bank's acquisition of Wing Lung Bank in 2007. The local bank was delisted after the sale.

However, it would stand in contrast with Yue Xiu's offer to Chong Hing Bank last month.

The Guangzhou city government's investment arm said it would make a partial offer and retain Chong Hing's listing.

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