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China's Yue Xiu nearing deal to buy Hong Kong's Chong Hing Bank-source
October 23, 2013 / 9:50 AM / 4 years ago

China's Yue Xiu nearing deal to buy Hong Kong's Chong Hing Bank-source

HONG KONG, Oct 23 (Reuters) - Yue Xiu Group, a trading arm of China’s Guangzhou city government, is close to signing an agreement to buy Hong Kong-listed Chong Hing Bank Ltd, a person familiar with the matter told Reuters.

The person could not confirm the price being paid for the agreement. Chong Hing Bank has a market value of $1.96 billion.

Family-run Chong Hing, in which Japan’s top lender Mitsubishi UFJ Financial Group Inc owns a 9.7 percent stake, said in August that it had received a takeover offer from an undisclosed party.

Reuters previously reported that Yue Xiu was the interested party.

An agreement between the two parties is imminent, and an announcement could come as early as this week, the person said.

Alan Ha, director of investor relations at Yue Xiu in Hong Kong, declined to comment when reached by phone. Edith Chan, a spokeswoman for Chong Hing, declined to comment.

The person could not be named as discussions were private. (Reporting by Denny Thomas; Additional reporting by Stephen Aldred; Editing by Michael Flaherty and Ryan Woo)

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