ANZ, Australia’s third largest bank, is among bidders shortlisted to buy a 53% stake in Wing Lung Bank, a mid-sized Hong Kong lender. The Wu family, which founded Wing Lung 75 years ago, put its controlling stake in the publicly listed bank up for sale last month. Other banks reported to have been shortlisted include China’s ICBC and Bank of Communications. The winner of the majority stake would have to make a general offer for the entire bank. Based on Thursday’s closing price of HK$143.80, Wing Lung has a market cap of HK$33.4bn ($4.3bn).
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