OCBC Bank

OCBC mulls bid for control of Indonesia’s Bank Permata

(Aug 19): Oversea-Chinese Banking Corp is weighing a bid for Standard Chartered’s Indonesian bank, people with knowledge of the matter say, a move that may create the country’s fifth-largest lender.

OCBC is considering an offer for almost 90% of Bank Permata, which has a market value of about $1.9 billion, say the people, asking not to be named as the deliberations are private. OCBC is interested in the stakes held equally by Standard Chartered and Astra International, the people say.

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OCBC said to weigh bid for StanChart-backed Indonesian bank

(Aug 15): Oversea-Chinese Banking Corp. is weighing a bid for Standard Chartered Plc’s Indonesian bank, people with knowledge of the matter said, a move that may create the country’s fifth-largest lender. OCBC shares fell.

The Singaporean bank is considering an offer for almost 90% of PT Bank Permata, which has a market value of about US$1.9 billion ($2.6 billion), said the people, asking not to be named as the deliberations are private. OCBC is interested in the stakes held equally by Standard Chartered and PT Astra International, the people said.

Singaporeans taking small steps in long road to financial wellness: OCBC

SINGAPORE (July 15): The good news is that while the average Singaporean has embarked on his journey towards financial wellness, it’s going to take some time for him to reach his destination.

This is according to OCBC Bank, which has launched Singapore’s first Financial Wellness Index - a survey of Singapore’s state of financial health with an inaugural sample of 2,000 working adults aged 21 to 65.

NETS launches same-day settlement for hawkers

SINGAPORE (Jan 17): Hawkers are now able receive their sales proceeds from NETS transactions in their bank account on the same business day.

NETS, in collaboration with its merchant banks DBS, UOB and OCBC, today launched its same-day settlement for hawkers everyday – the fastest in the industry, giving them faster access to their funds and improving cash flow.

There will be no need for special arrangement to enjoy this benefit.

OCBC launches new brand campaign, Simply Spot On

SINGAPORE (Oct 29): Overseas-Chinese Banking Corporation (OCBC) today a new brand promise campaign with the tagline Simply Spot On, to be rolled out over three months using an integrated multi-channel communication strategy.  

The move comes after previous customer-centric brand campaigns like Stay True and Stay Curious. Ask OCBC, which were launched in 2017 and 2007, respectively.

2 in 3 SMEs expect to go cashless by 2023: OCBC

SINGAPORE (Aug 10): Times are changing for businesses with the boom of the e-payments movement in Singapore.

More than 66% or two in three Singapore-based SMEs say that they are likely to go cashless – including doing away with cheques – by 2023, according to a poll conducted by OCBC Bank, two weeks before the launch of PayNow on 13 Aug for businesses.

What is even more encouraging is that more than 45% of the respondents anticipate going cashless by as early as 2020.

OCBC reports 29% rise in 1Q to $1.1 bil on lower loan provisions and higher income from lending and wealth management

SINGAPORE (May 7): Oversea-Chinese Banking Corporation reported a earnings of $1.11 billion for 1Q18 ended March, an increase of 29% from a year ago on lower loan provisions and higher income from lending and wealth management.

This was slightly higher than the mean of five broker estimates of $1.09 billion compiled by Thomson Reuters.

Last week, DBS posted a 26% increase in earnings while UOB’s earnings rose 21%.

Ngee Ann Polytechnic partners London's CFTE to launch AI in Finance course

SINGAPORE (Apr 24): Singapore’s Ngee Ann Polytechnic (NP) is partnering London-based Centre for Finance, Technology and Entrepreneurship (CFTE) to launch a new AI in Finance (AIF) course.

The AIF course will be a fully online that comprises 18 modules, for financial institutions seeking to update their staff on artificial intelligence (AI) developments in their industry.

OCBC Securities' Dennis Hong to succeed Raymond Chee as MD from May 1

SINGAPORE (Apr 23): OCBC Bank has appointed Dennis Hong (pictured) as the new Managing Director of its wholly-owned brokerage subsidiary, OCBC Securities, from May 1.

Hong succeeds Raymond Chee – who has served in that capacity since Aug 2012.

In the interim, Chee will stay on as Executive Director of OCBC Securities. He will take on his new role as General Manager of the bank’s New York Agency on 1 Oct 2018, after a two-month transition as Deputy General Manager, and along with the additional responsibility of overseeing OCBC Bank’s Los Angeles Agency.

Singapore favours ‘organic’ policy in move toward open banking

(Apr 12): Singapore wants its lenders to share data with financial technology and other non-bank firms, but doesn’t plan to force the issue, according to a central bank official.

The transition towards “open banking” can be more successful if it takes place without the regulator mandating action, said David Hardoon, Chief Data Officer at the Monetary Authority of Singapore. “You can come and say ‘thou shall do it’ but then nothing happens effectively,” Hardoon said in a Wednesday interview.

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