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BOC Hong Kong to Buy Vietnam and Philippines Businesses From Parent for About CNY1.59 Billion

By Chester Yung Dow Jones Newswires

BOC Hong Kong (Holdings) Ltd. (2388.HK) said Monday it plans to buy parent Bank of China Ltd's (3988.HK) Vietnam and Philippines businesses for about 1.59 billion yuan (US$240 million), as part of a restructuring in the Asean region.

BOC Hong Kong said it agreed to buy the Vietnam business for CNY997 million and the Philippines business for CNY597.4 million from Bank of China. Goldman Sachs (Asia) L.L.C. acted as financial adviser to BOC Hong Kong related to the proposed transfers, the bank said.

Write to Chester Yung at chester.yung@wsj.com

(END) Dow Jones Newswires

November 06, 2017 04:55 ET (09:55 GMT)