OCBC plans to raise S$3.3bn ($2.7bn) in fresh equity to help fund its push into China, Singapore’s second-largest bank by assets announced yesterday, undershooting the amount that it had been expected to raise.
The rights issue, which is being offered at a 25 per cent discount to Friday’s closing price, will help pay for the bank’s $5bn purchase of Wing Hang, a Hong-Kong-based bank with a presence in southern China.
OCBC intends to use the deal to boost its existing presence in the mainland and establish a platform for better capturing the growing trade flows between China and its southeast Asia home.
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