The biggest banking takeover in Hong Kong in recent years finally went through last night when Singapore's DBS Bank confirmed it had gained control of Dao Heng Bank in a deal worth up to S$10 billion (HK$42.9 billion).
The deal - first revealed in Business Post on Monday - makes DBS the fourth-largest bank in Hong Kong in terms of assets after HSBC, Bank of China and Standard Chartered.
The acquisition is an important part of DBS' efforts to become a pan-Asian bank.
'It's the realisation of the first Asian regional bank,' DBS Group chairman S. Dhanabalan said.
'We see Hong Kong as the second hub of our Asian presence.'
Following the acquisition, almost 40 per cent of DBS's revenue will come from outside its Singapore base, according to DBS chief executive Philippe Paillart.