Wing Hang completes Chekiang takeover

Wing Hang Bank's $4.8 billion takeover of rival Hong Kong lender Chekiang First Bank - which doubled its assets overnight - has been formally completed as of today, according to Wing Hang.

The acquisition, from Japan's Mizuho Financial Group, was announced a year ago. The merged bank, which will retain the Wing Hang name, will be Hong Kong's seventh largest listed lender, with total assets of $85 billion. It will operate more than 50 branches and representative offices in Hong Kong, Macau and the mainland.

'We believe there will be great potential in maximising cross-selling and business referral opportunities with our expanded customer base after the merger,' group chairman and chief executive Patrick Fung Yuk-bun said.