Singapore
Allen & Gledhill and Clifford Chance have the lead roles on Oversea-Chinese Banking Corp.’s upcoming $2.7 billion rights issue. Singapore’s second-largest lender by assets will sell 440 million new ordinary shares to raise funds after it spent $5 billion acquiring Wing Hang Bank Ltd., Hong Kong’s second-largest privately held bank. The deal allows OCBC access to Wing Hang’s network of over 70 branches in Hong Kong, Macau and mainland China. Proceeds of the rights issue will be used for general corporate purposes. Allen & Gledhill is acting for OCBC on the deal. Clifford Chance Singapore partner Raymond Tong is advising underwriters Merrill Lynch (Singapore) Pte. Ltd., Hongkong and Shanghai Banking Corp. Ltd. and J.P. Morgan (S.E.A.) Ltd. [Read full story]
