Dah Sing Bank Group (02356): Dah Sing Bank plans to acquire all of Ruihong Bank's issued share capital for HK$184 million

Zhitongcaijing · 11/26 09:17

According to the Zhitong Finance App, Daxing Bank Group (02356) issued an announcement. On November 26, 2024, Daxing Bank (a wholly-owned subsidiary of the company) signed a sales agreement with Daxing Financial. Daxing Financial has agreed to sell, and Daxing Bank has agreed to acquire all of Ruihong Bank's issued share capital (including this property) at a cost of HK$184 million. As of the date of this announcement (before completion), Ruihong is a wholly-owned subsidiary of Daxin Finance, mainly engaged in property investment and holding this property (sole asset). After completion, Ruihong Bank will become an indirect wholly-owned subsidiary of the company and its financial results will be consolidated into the group's results.

The property is No. AA and Basement A, Hong Kong Tower, No. 482 Hennessy Road, Causeway Bay, Hong Kong.

According to the announcement, Dah Sing Bank previously leased the basement portion of the property from Ruihong Bank for its Causeway Bay branch until March 11, 2019. Due to the need to carry out several construction works, Dah Sing Bank moved its Causeway Bay branch to a nearby property leased from a third party. The construction work was then completed in early 2020. The acquisition will allow Dah Sing Bank to gain ownership and full control of its main properties in a strategic location, strengthen its branch network and meet its operating needs. Dah Sing Bank plans to use the current Causeway Bay branch as the Causeway Bay branch after the lease ends in March 2025.