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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