WING HANG BANK MERGED WITH CHEKIANG FIRST BANK
AsiaInfo Services, August, 2004
AsiaInfo Services 08-12-2004 Wing Hang Bank Merged with Chekiang First Bank HONG KONG, Aug 12, 2004 (SinoCast via COMTEX) -- Wing Hang Bank Ltd. completed merger with Chekiang First Bank Limited. According to the announcement by Wing Hang Bank, the assets of the new bank total HKD85 billion, becoming the seventh largest bank in Hong Kong, and the incorporation between the two sides has created an appreciable revenue and cost synergistic effect. Wing Hang Bank stated last August that it had signed an agreement with Mizuho Corporate Bank under Japanese Mizuho Financial Group to purchase Chekiang First Bank Limited at a price of HKD4.8 billion. In view that the most clients of Chekiang First Bank are corporate clients, Wing Hang Bank believes that the company will...
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