April 1, 2014 / 1:11 AM / 4 years ago

Shares of Singapore's OCBC rise slightly after offer to buy Wing Hang

SINGAPORE (Reuters) - Shares of Oversea-Chinese Banking Corp Ltd (OCBC.SI) rose slightly in early trading on Tuesday after Singapore’s second-biggest lender made a formal offer to buy Hong Kong’s Wing Hang Bank Ltd 0302.HK for HK$38.428 billion ($4.95 billion).

People walk under OCBC Bank signage at the bank headquarters in Singapore July 17, 2012. REUTERS/Tim Chong

OCBC shares gained 0.3 percent to S$9.54 after its trading halt was lifted. Singapore’s broader Straits Times Index .FTSTI was 0.4 percent higher.

OCBC is offering HK$125 a share to buy all shares of Wing Hang, according to a joint announcement, after having reached a deal with the bank’s biggest shareholder to purchase a nearly 45 percent stake.

Reporting by Eveline Danubrata; Editing by Paul Tait

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