DBS ends listing of Kwong On

The Development Bank of Singapore (DBS) has completed its acquisition of Kwong On Bank and intends to delist it from Hong Kong's stock exchange today.

DBS emerged from a general offer owning 87.27 per cent of the Hong Kong retail bank.

Pre-offer shareholders still with a stake include the Leung family.

DBS yesterday pledged to assist with Kwong On's business development through the introduction of new products and a transfer of technology and management expertise.

The Singapore bank said it wanted to develop Kwong On into a 'premier Hong Kong bank serving both corporate and individual customers' managed by DBS Bank together with the Leung family.

William Hon, formerly managing director of DBS's institutional banking group, has been appointed Kwong On's joint chief executive responsible for day-to-day affairs. DBS said he would be assisted by a management team including newly hired senior local managers.