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Wing Hang in pole position for Chekiang take-over

Wing Hang in pole position for Chekiang take-over

(Hong Kong) Hong Kong’s Wing Hang Bank has struck an exclusivity deal with Mizuho Corporate Bank to continue discussions on a possible take-over of the Japanese Bank’s wholly-owned Hong Kong outfit, Chekiang First Bank. The agreement gives Wing Hang sole rights to negotiating terms on a possible purchase of Chekiang First, and staves off concerns that it would be gazumped by rival Dah Sing Financial Holdings.

The deal means Mizuho, which is part of Japan’s Mizuho Financial Group, is unable to enter into talks with any other interested parties. In a legal notice, Wing Hang said it was not in a position to put a timeframe on the talks.

In further news, Wing Hang has launched a scheme to hep businesses that have suffered a downturn following the outbreak of SARS. The scheme supports the Government’s loan guarantee initiative which has been designed to provide short-term cash flow relief and to preserve jobs.

Tourism and retail businesses have been particularly affected by the virus and are eligible for loans. To apply for a loan, a business must be 90 percent locally owned.

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