ANZ eyes bid for Wing Hang Bank

UOB also considers bidding for this bank.

ANZ is considering a bid for Hong Kong's Wing Hang Bank, said media reports in Hong Kong. Singapore's United Overseas Bank is also reported to be considering a bid for the bank.

ANZ, however, refuses to comment on the rumors but analysts noted that Asian expansion is a top priority for ANZ CEO Mike Smith. Some 20% of ANZ's revenue comes from outside Australia, and Smith wants to increase this share from 25% to 30% by 2017.

Wing Hang's stock price has soared by as much as 40% since the middle of September when it revealed its controlling shareholders had entered takeover talks.

The bank has 40 branches in Hong Kong, 14 in mainland China and 11 in Macau. It is controlled by the Fung family and BNY Mellon.