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This bank is divesting its non-core businesses and investing in wealth management

PC Lee
PC Lee6/28/2017 11:34 AM GMT+08  • 2 min read
This bank is divesting its non-core businesses and investing in wealth management
SINGAPORE (June 28): UOB KayHian is maintaining its ‘buy’ call on Oversea-Chinese Banking Corporation (OCBC) with a target price of $11.70.
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SINGAPORE (June 28): UOB KayHian is maintaining its ‘buy’ call on Oversea-Chinese Banking Corporation (OCBC) with a target price of $11.70.

The bank is divesting its 33.3% stake in Hong Kong Life Insurance for $426 million and the proceeds are to be re-invested into its core wealth management business and high-growth emerging markets, such as Indonesia and China.

OCBC and subsidiary Great Eastern have jointly announced that they are conducting a strategic review and have received proposals from several parties regarding their combined stakes in United Engineers (UE) and WBL Corporation (WBL).

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