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.

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