Deals
Anbang Insurance Said to Balk at Wing Hang Bank Asking Price
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Anbang Insurance Group, the Chinese insurer considering a bid for Wing Hang Bank Ltd., is balking at the asking price for the family-run Hong Kong lender, said two people with knowledge of the matter.
Beijing-based Anbang has indicated it’s willing to pay no more than 1.7 times the lender’s book value this year, said one of the people, who asked not to be identified because the information is private. That compares with an asking price of about two times, the people said. Wing Hang has a market value of about $4.7 billion, which is 1.7 times its estimated 2013 book value, according to data compiled by Bloomberg.