$

OCBC

OCBC
OCBC.SI
Last Price
11.16
09:04 GMT / 22 MAR 2019
Value Change [%]
-0.01
[(-0.09%)]
Volume
2,703,776
Open
11.16
Day's High
11.21
Year's High
14.04
Previous Close
11.17
Day's Low
11.14
Year's Low
10.36
Earnings Per Share
1.07
P/E Ratio
10.49
Lot Size
100
Div. Yield (%)
3.85
Dividend
0.43
Div. Pay Date
24 JUN 2019
Ex-Div. Date
03 MAY 2019
Last Trade
11.16
Last Trade Time (GMT)
09:04
Last Trade 2
11.15
Last Trade 3
11.16
Volume
2,703,776
Turnover
30,209,140
Bid
11.16
Bid Size
26,200
Ask
11.17
Ask Size
42,800
Close Bid
11.16
Close Ask
11.17
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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
ANALYSIS-China tightens rules on wealth management, boosting prospects for foreign banks
7 March 2019
source: reuters.com
    * Beijing pushing banks to set up separate wealth-management
units
    * Move aimed at boosting risk management, product sale
practices
    * China personal assets for investment to hit $37 trillion
by 2022
    * JPMorgan, Bank of Singapore among those eyeing onshore
wealth   

    By Sumeet Chatterjee
    HONG KONG, March 8 (Reuters) - China's efforts to tighten
oversight of its $20 trillion-plus  wealth management industry
are spurring foreign banks to speed up plans to enter the local
market or expand there, six people involved in the discussions
said.
    China's wealth-management industry is the fastest-growing in
the world but has historically been linked to the sale of
high-risk, illiquid products and lax regulatory oversight. 
    Recently, however, officials have begun forcing domestic
banks to separate their wealth-management businesses, a move
sources said was aimed at improving governance as part of
Beijing's broader push to reduce debt and limit the sale of
risky products.
    This comes as Japan's Nomura  8604.T  is awaiting a licence
to launch a wealth business in China, while JPMorgan  JPM.N  and
Bank of Singapore, a unit of Asian lender Oversea-Chinese
Banking Corp  OCBC.SI  are among others considering entries, the
people said.
    At stake is access to a market where personal assets for
investment rose from $11 trillion in 2012 to $22 trillion by
2017,  according to consultancy Oliver Wyman. It expects that
figure to reach $37 trillion in the next five years.
    Of that, only 5 percent, or $1.1 trillion, was invested
offshore in 2017, according to Oliver Wyman.
    "China has long been considered the Wild West by the foreign
private banks," said an executive at a leading wealth manager in
China, declining to be named as he was not authorised to speak
to the media. "With the market moving towards more regulated
environment, onshore business is going to be the most important
pie."
    The private banking units of top Chinese commercial banks,
including China Merchants Bank, Industrial and Commercial Bank
of China, and Bank of China dominate the local market, according
to Asian Private Banker. 
        
           
    LEVEL PLAYING FIELD
    China's five major banks have so far gotten the regulatory
nod to set up wealth management units, the China Banking and
Insurance Regulatory Commission (CBIRC) said last month.
 urn:newsml:reuters.com:*:nL3N20C0BI
    The units must maintain separate books and accounts and
"perform the duties of entrusted wealth management honestly,
diligently, and responsibly," the regulator wrote in its
December guidelines.
    The rules are aimed at strengthening local wealth managers'
risk-management practices, including those related to client
background checks and the sale of investment products, which
often imply a guaranteed return, industry sources said.
    Francois Monnet, Credit Suisse  CSGN.S  private banking head
in North Asia, said onshore investors' "normalising"
expectations of returns had created a more level playing field
for foreign banks.
    Credit Suisse in 2016 hired a senior banker in China to
prepare a roadmap for an onshore private banking business.
    "We are at an early stage of strategic readiness in terms of
developing what will make sense to increase that presence, and
to be ready to deploy that aggressively," Monnet said.
    Credit Suisse will compete with Goldman Sachs  GS.N  and UBS
 UBSG.S  on advising wealthy clients in China. China is a
"strategic priority" for UBS and billionaires are being created
at a faster pace there than anyplace else in the world, said UBS
Wealth Management's China business head Marina Lui.
    Bank of Singapore plans to set up an office to promote its
brand in China as a first step, Samuel Tsien, chief executive of
parent company OCBC, said at an earnings briefing last month,
adding that it was not looking to operate a "full-blown" private
banking business.
    JPMorgan has started discussing how to set up an onshore
private banking business in China, two people with knowledge of
the matter said. A JPMorgan spokeswoman declined to comment. 
    Nomura, which is said to be in line for regulatory approval
this year for the securities joint venture that will allow it to
offer wealth management services, also declined to comment.
        
    STRICTER STANDARDS
    In the mass affluent market - clients with investable assets
of between $100,000 and $1 million - in China, foreign banks are
gearing up to boost growth as a shadow banking crackdown brings
such investors into the mainstream.
    Citigroup  C.N  expects its China wealth-management client
base to grow faster in 2019 than last year, at more than 30
percent, its country CEO Christine Lam said in January.
 urn:newsml:reuters.com:*:nL3N1ZS1F2
    HSBC  HSBA.L  aims to grow its Asia revenues by at least $1
billion by 2020 from retail and private banking wealth, asset
management and insurance, with the China business set to be a
big contributor, the bank said in a statement to Reuters.
    "China's new wealth management regulations will remove
implicit guarantees, set stricter investment standards and
standardise the rapidly growing wealth management industry," it
said.

    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Total investable assets in leading wealth markets    https://tmsnrt.rs/2Rl9k02
Personal investable assets in China    https://tmsnrt.rs/2EJqq4C
Personal investable assets in China png    https://tmsnrt.rs/2VATCAC
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Reporting by Sumeet Chatterjee; Editing by Jennifer Hughes and
Gerry Doyle)
 ((sumeet.chatterjee@thomsonreuters.com; +852-2847 2094; Reuters
Messaging: sumeet.chatterjee.thomsonreuters.com@reuters.net))
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