The Bank of Overseas Chinese (BOOC) denied the rumor that HSBC and Standard Chartered Bank launched a bid for it and stressed it didn't touch with two lenders.

Taiwan media Industrial & Commercial Times reported yestoday HSBC and Standard Chartered are planning to bid for BOOC at the price of NT$15 and NT$16 each share respectively with Citigroup who are negotiating with the bank with NT$12-13 each share. However, BOOC's vice manager Chien Weng denied the news.

Foreign media disclosed citing well-informed source the negotiation about BOOC between its largest shareholder Polaris Finance and Citigroup has reach to the last stage, estimating they will sign an agreement in two or three weeks.

Investment Citigroup HSBC