China Awards 2009: Deals of the year

Why: Not only was this the largest M&A deal in the banking sector for seven years but it also reflects an emerging trend of Chinese banks acquiring overseas ones. Beating off competition from a number of other banks, both Chinese and international, China Merchants Bank (CMB) had to overcome more regulatory hurdles than its rival bidders. And as Wing Lung Bank (WLB) has branches in the US and the Cayman Islands, as well as China, stock exchanges and authorities in each jurisdiction presented diverse regulatory requirements that posed significant challenges to completion of the deal. For example in Hong Kong, where WLB has 35 branches, the sale triggered a mandatory general offer that had significant Takeover Code implications.