Dbs dao heng bank acquisition multiple of book

In 1989, it acquired hang lung bank from the hong kong government. Dbs thai danu bank, a subsidiary of dbs bank, reported on july 19, 2002, a net profit of baht. Dbs s planned dao heng acquisition is first big step in overseas expansion by. For years, dbs was a rather dull and sleepy governmentcontrolled bank, but it has undergone a muchneeded makeover since the asian financial crisis drove the government to shake up singapores banking sector. It is the third time in three years that dbs has issued an upper tier 2, 10year bullet bond. On 21 july 2003, dbs bank merged dao heng bank, dbs kwong on bank and. At december 31, 2001, dbs bank through dbs diamond holdings ltd ddh had effective holding of 71. It was acquired by guoco group a member of the hong leong group in 1982 and was listed on the hong kong stock exchange in 1983. Excluding acquisitions of dhg and dbsv, net interest income was. While an acquisition of wing hang would give ocbc a gateway into mainland china and help bridge the gap with dbs group holdings, which operates hong kongs fifthbiggest bank dao heng. Trust bank limited and dbs kwong on bank limited in 2003 have been undertaken.

In a statement yesterday evening, ocbc said it had on dec 31, 20, entered into an exclusivity agreement with the substantial shareholders of wing hang, being members of the fung family and their affiliates and related family trusts, and bny international. Elliotts perspectives on bank of east asia, limited bea. Dbs, bought dao heng bank in 2001, a milestone deal that. Bank indonesia approves dbs acquisition of bank danamon. Dbs group holdings of singapore bought dao heng bank in 2001. Ocbcs bid for hks wing hang raises valuation, funding. It is a subsidiary of dbs bank headquartered in singapore and it is the seventhlargest bank in hong kong by total assets. Hong kong bank of east asia, which counts sumitomo mitsui.

The acquisition of 100% of kob was completed in april 2002, when dbs purchased the remaining 12. Dbs bank limited is a licensed bank incorporated in hong kong. Singapores dbs group holdings said tuesday it completed its compulsory acquisition of the remaining shares in hong kongs dao heng bank. Dbs, bought dao heng bank in 2001, a milestone deal that later proved a misstep for southeast asias largest. Bank mergers and acquisitions have also been used to sort out problem loan books, as a form of rescuing banks in financial trouble, in countries such as japan and korea. In 1993, it acquired overseas trust bank from the hong kong government. By linda silaen and ben otto jakartathe central bank of indonesia has cleared the way for what could become the largest acquisition in the countrys history, giving the green light to the. Kong, dbs s purchase of dao heng bank and overseas trust bank from guoco to win a bigger presence in the retail market, as well the acquisition of thai banks by foreign banks. Ocbc currently only has one branch in hong kong and 16 branches and subbranches in 8 cities in china.

Dbs bank celebreates 50 years of self discovery, a journey through self transformation with the use of new cutting edge banking innovations. Without any landmark acquisitions, investments and treasury. It merged with dao heng bank on july 21, 2003, and the latter was renamed dbs bank hong kong limited. That acquisition was not exactly a successful one, ending. Acquisitions no easy way for singaporean banks to win in. Instrumental in this merger, which euromoney magazine called the deal of the year, was. Dbs plans to take dao heng private after the deal is concluded. The addition of wing hang to its pockets will be accretive to ocbcs earnings per share and return on equity by 2017, the bank said. Before the acquisition by dbs, the bank was named kwong on bank, and was a subsidiary of japan based fuji bank present mizuho corporate bank. For dbs group holdings ltd, if the acquisition in india fructifies, it will be a series of expansion moves that has seen the bank making a foray into hong kong, thailand and indonesia. Temasek has quietly pressed dbs to expand in asia although its last big deal was the overpriced 2001 acquisition of hong kongs dao heng bank.

Ocbc in exclusive talk with hong kongs wing hang bank. In line with our panasian strategy, we acquired 100% interest in dao heng bank and its subsidiary overseas trust bank. Dbs hong kong with 34 branches and over 4,000 employees, dbs hong kong provides a full range of services in consumer, sme and corporate banking solutions. U11s more organic approach in penetrating the region brings it the smallest chinese exposure amongst peers 16% of. The net book values of premises and investment properties are analysed as follows. Enterprise risk management at dbs groupenterprise risk. Along with this, a case of merger of dao heng bank limited, overseas. Learn about our humble beginnings starting back from 1968 to being awarded the worlds best digital bank in 2016.

In 2014, it called for a higher price in ocbcs acquisition of wing hang bank but failed to get it. The markets gloomy valuation of dah sing financial reflects this drag down in. With dbs you can expect they screw things up with regularity. Ip addresses are not logged in this forum so theres no point asking. Kob was merged with dao heng and dbs other hong kong operations in july 2003 to form dbs bank hong kong.

Instrumental in this merger, which euromoney magazine called the deal of the year, was managing director mr. Nonetheless, dao heng continues to earn interest margins that are more than 20% higher than the rest of the group, and operates at a cost to income ratio 43. Fair value represents the quoted market price for securities that are actively. The hidden value of dah sing financial may shine one day. Ocbc banks acquisition of wing hang bank wins spate of best deal awards. Pursuant to the dao heng bank limited merger ordinance chapter 1172.

Login or become a member or free user to download as a spreadsheet. Now dbs is paying top dollar to expand into hong kong, a move many shareholders have given an initial thumbsdown. Unlike dbs before the acquisition of dao heng bank, ocbc has a greater presence in hong kong and china, albeit not big. Dbs group holdings had announced the completion of the legal merger of dao heng bank limited, dbs kwong on bank limited and overseas trust bank limited. Dao heng bank limited was established in hong kong in 1921. Dbss planned dao heng acquisition is first big step in. Rollei cameras, believed to be among the best in the world in the 1970s, were made in singapore. Singapores dbs group holdings said tuesday it completed its compulsory acquisition of the remaining shares in hong kongs dao heng bank group ltd. D05 pushed into hong kongs banking space much earlier than peers with its acquisition of dao heng bank back in 2001. Why foreign banks pay over the odds for a china foothold.

Ocbc talks with wing hang evoke memories of dbss foray. Seize opportunities in a dynamic asia and beyond with asias safest, asias best bank. Dbs, basically a financial division of singapore inc. The biggest banking takeover in hong kong in recent years finally went through last night when singapores dbs bank confirmed it had gained control of dao heng bank. If all other shareholders take the cash option dbs would hold an effective 80 per cent stake in dao heng and guoco the remaining 20 per cent via its shares in dbs diamond holdings. Strong revenue growth offset by prudent provisioning. It was acquired by guoco group a member of the hong leong group in 1982 and was. Dbs group also held a 20% stake in the bank of the philippine islands, that countrys secondlargest bank 1. Larger singaporean competitor dbs group holdings ltd. Before the acquisition by dbs, the bank was named kwong on bank, and was a subsidiary of japanbased fuji bank present mizuho corporate bank. Dao heng bank was merged into dbs group in 20012003. The acquisition of dao heng by dbs effectively creates the first asian regional bank, dbs vice president and chief executive philippe paillart said late on wednesday in hong kong. The biggest banking takeover in hong kong in recent years finally went through last night when singapores dbs bank confirmed it had gained.

Acquisition is the one of the largest banking mergers in asia purchase will reduce dbs s exposure to singapore to 49% from 62% currently danamon purchase will be dbs s most. Dbs said the acquisition of bank danamon would cost about 66. The singapore government owned more than 35% of dbs group. The proposed acquisition will serve as a gateway for ocbc to tap on the growing china trade flows. Ocbc in exclusive talks to acquire hk bank, top stories. If the bank danamon deal proceeds as planned, it would represent the largest acquisition by dbs after its 2011 takeover of hong kongbased dao heng bank worth usd5. Acquisitions no easy way for singaporean banks to win in hong kong, mainland china. Dbs bank hong kong limited formerly known as dao heng bank limited report of the directors the directors of dbs bank hong kong limited the bank submit their report together with the audited accounts of the bank and its subsidiaries the group for the year ended 31st december 2003.