Hong Kong banks 'over-priced'
ANZ chief executive Mike Smith may be playing down expectations that the bank is a bidder for one of two niche Hong Kong banks that are on the market."I have always been interested in assets in this part of the world and Hong Kong obviously is an attractive market, but I feel they [the two banks] are over-priced," Smith told Bloomberg.Wing Hang Bank and Chong Hing Bank are both negotiating a sale."I am always looking at various opportunities, but right now I think it is all too expensive," Smith said. "Two times book is ridiculous in these times. Expectations of owners are not very realistic."