Oversea-Chinese Banking Corp, Singapore's second-biggest lender, said it plans to raise S$3.37 billion($2.7 billion) in a rights issue to strengthen its capital after the recent acquisition of Hong Kong's Wing Hang Bank Ltd.

The bank will sell 440 million shares at S$7.65 a share, a 25 percent discount to its last share price of S$10.20 on Friday, it said in a statement.

OCBC took over Wing Hang Bank Ltd in a $4.95 billion deal, which will give the Singapore lender a much sought-after gateway to the Greater China region.

The capital raising comes after investors were concerned that the Wing Hang deal would significantly reduce OCBC's Tier 1 capital. HSBC analysts had estimated the Tier 1 capital would have fallen to 11.2 percent from 14.7 percent.

"The rights issue will enable the company to strengthen its balance sheet and enhance the financial flexibility of the group," OCBC said.

Earlier this month OCBC posted a 54 percent jump in quarterly profit, rounding out a strong earnings season for the banking hub thanks to growth in China-related trade finance and wealth services.

Bank of America Merrill Lynch and JPMorgan are handling the share sale for OCBC.