$

OCBC

OCBC
OCBC.SI
Last Price
0.00
GMT / 17 JUL 2019
Value Change [%]
0.00
[(0.00%)]
Volume
00
Open
0.00
Day's High
0.00
Year's High
12.19
Previous Close
11.58
Day's Low
0.00
Year's Low
10.36
Earnings Per Share
1.08
P/E Ratio
10.68
Lot Size
100
Div. Yield (%)
3.71
Dividend
0.43
Div. Pay Date
24 JUN 2019
Ex-Div. Date
03 MAY 2019
Last Trade
0.00
Last Trade Time (GMT)
Last Trade 2
0.00
Last Trade 3
0.00
Volume
00
Turnover
00
Bid
11.46
Bid Size
900
Ask
11.58
Ask Size
18,800
Close Bid
11.55
Close Ask
11.58
aseanexchanges
@aseanexchanges
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Oversea-Chinese Banking Corporation Limited is engaged in banking, life assurance, general insurance, asset management, investment holding, futures and stockbroking. It operates in five segments: Global Consumer Financial Services, which includes a range of products and services offered to individuals, including deposit products, consumer loans, credit cards and wealth management products; Global Corporate Banking, which provides financial services; Global Treasury, engages in foreign exchange activities, money market operations, fixed income, and derivatives trading; Insurance, which includes fund management activities, and Others, which include Bank of Singapore, PacificMas Berhad, and other services. On September 29, 2011, it acquired SIG Plaza Co., Ltd. On October 7, 2011, Bank of Singapore Nominees Pte Ltd acquired BOS Private Equity Fund Investment SPC. On April 13, 2012, OCBC Centre Private Limited had been dissolved and ceased to be a subsidiary of the Company.

  • Market News
EXCLUSIVE-Singapore cautions wealth managers on aggressively courting HK business -sources
12 July 2019
source: reuters.com
    * Banks told not to aggressively seek wealth transfers -
sources
    * Some HK tycoons looking to move offshore over extradition
bill

    By Anshuman Daga and Sumeet Chatterjee
    SINGAPORE/HONG KONG, July 12 (Reuters) - Singapore has
cautioned wealth managers against aggressively marketing their
services or making other efforts to woo clients to the city
state by capitalising on rival Hong Kong's political turmoil,
people with knowledge of the matter said.
    Officials from the Monetary Authority of Singapore (MAS)
made the request last month to wealth managers, including DBS
 DBSM.SI  and a unit of Oversea-Chinese Banking Corp  OCBC.SI ,
the people said, declining to be identified given the
sensitivity of the matter.
    The central bank told bankers it wanted to ensure wealth
managers in Singapore were sensitive to the situation in Hong
Kong and did not design campaigns specifically targeting
business from Hong Kong, the people said.
    The move comes as Hong Kong has been thrown into turmoil by
a proposed extradition bill - declared dead this week by its CEO
Carrie Lam - that for the first time would have allowed China to
seek extraditions from the city, sparking demonstrations that
attracted at least a million protesters.  urn:newsml:reuters.com:*:nL4N24A1ZM 
    Some tycoons in the Chinese-controlled territory have moved
funds, or considered doing so, given provisions in the bill that
would have allowed China to potentially freeze funds or other
assets in the city.  urn:newsml:reuters.com:*:nL4N23L3NZ
    The unrest has also encouraged some wealth managers to
choose to set up in Singapore after also considering Hong Kong,
the main offshore hubs for wealth management in Asia, Reuters
has reported.  urn:newsml:reuters.com:*:nL8N23Z06C
    When asked for a comment for this story, MAS referred to
comments last month by its managing director, Ravi Menon, that
there were no signs of "any significant shift of business or
funds" from Hong Kong to Singapore. 
    He had said that any upheaval in Hong Kong could actually be
negative for Singapore.  urn:newsml:reuters.com:*:nL4N23Y18M
    It was not immediately clear how many banks had received the
MAS guidance. Private banks routinely and legally help clients
to move and manage their assets in different parts of the world.
    "The message was that we shouldn't be taking undue advantage
of what's going on in Hong Kong," a senior banking source said
on condition of anonymity.
    "We have to act responsibly and not launch campaigns to
convince clients that this is a good time for them to move their
assets," he said, adding he was not aware of any banks making a
big push to get business from Hong Kong in the current climate.
    "We are getting a lot of enquiries. What can we do if
clients are looking to moving money here? We can't stop the
flows," the Singapore-based banking source added.    
    DBS and OCBC declined to comment.
        
    OFFSHORE MOVE
    Hong Kong and Singapore compete fiercely to be considered
Asia's premier financial centre. Global private banks including
Credit Suisse  CSGN.S  and UBS  UBSG.S , as well as Asian wealth
managers have their regional operations in the two hubs.
    The riches held by Hong Kong's tycoons have until now made
the city the larger private wealth base, with 853 individuals
worth more than $100 million - just over double the number in
Singapore, according to a 2018 report from Credit Suisse.
    Singaporean banks, including DBS and OCBC, have been rapidly
expanding their businesses in Hong Kong and China over the past
few years, and the Greater China region accounts for a
significant portion of their revenue.
    Like their global peers, Singaporean wealth managers also
have Greater China desks in Singapore dedicated to clients in
China, Hong Kong, and Taiwan and help them open bank accounts
and set up family offices or trusts.
    "The fact is that we are getting inquiries from clients in
Hong Kong. They want to know how this will impact their assets
and the Hong Kong markets," an industry executive said. 
    "If they really want to move offshore, we have to help them
with that," the executive added.

 (Reporting by Anshuman Daga and Sumeet Chatterjee; Editing by
Jennifer Hughes and Himani Sarkar)
 ((anshuman.daga@tr.com; +65 64035676; Reuters Messaging:
anshuman.daga.thomsonreuters.com@reuters.net))
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