SINGAPORE (Dec 3): Local banks Oversea-Chinese Banking Corp (OCBC) and United Overseas Bank (UOB) have been steadily buying back their own shares this past week, as valuations for both remain at below historical levels.

On Nov 27, UOB bought 7 0,059 shares for nearly $1.74 million, at prices ranging from $24.50 to $24.89 each. Under a shareholders’ mandate that took effect in April, the bank can buy up to just over 83 million shares.

a week prior to Nov 27, UOB had bought back its own shares on every trading day. Thus far, it has bought back 4.87 million shares. As at its Nov 28 closing price of $24.82, UOB was trading at 10.53 times historical earnings, and a forward earnings of 10.35 times, based on a compilation of analysts’ estimates by Bloomberg.

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