Moody's might lift Wing Hang Bank

Moody's Investors Service said it placed Wing Hang Bank Ltd.'s A2 long-term deposit ratings on review for upgrade.

The agency also placed the bank's provisional A3 subordinated medium-term note program rating, provisional Baa1 junior subordinated medium-term note program rating, and Baa1(hyb) junior subordinated debt rating on review for upgrade.

The bank's P-1 short-term deposit ratings remain unchanged.

Moody's said the actions follow the April 1 joint announcement by the bank and Singapore's Oversea-Chinese Banking Corp. Ltd. that Oversea-Chinese has made a voluntary conditional offer to acquire all of Wing Hang Bank's shares. The transaction is subject to approval by the Hong Kong Monetary Authority, the Monetary Authority of Singapore and other relevant authorities.

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