OCBC

OCBC launches compounded Sora home loan

OCBC Bank has launched a new Sora-based home loan, which references the three-month compounded Singapore overnight rate average (Sora) that is published by the Monetary Authority of Singapore (MAS). The three-month Compounded Sora Home Loan is available for all loan types - completed properties, properties under construction, new home loans and repricing of existing home loans. This comes as the...

OCBC said to be seeking buyer for Mt Elizabeth property

Oversea-Chinese Banking Corporation (OCBC) is looking to sell a 22-storey freehold serviced-residence development at 2 Mount Elizabeth Link, according to The Business Times. The district 9 property housing 72 serviced apartments is leased to Frasers Hospitality, which operates it as Fraser Residence Singapore. OCBC has appointed Cushman & Wakefield as the exclusive marketing agent to find a buyer for...

Axe Brand family pays S$25m for pair of Bukit Pasoh shophouses

OCBC seems to be on a roll selling conservation shophouse properties of late. It recently sold a pair of adjacent freehold shophouses at 11 and 13 Bukit Pasoh Road for S$25 million. The buyer is understood to be the Leong family behind the famous homegrown Axe Brand medicated oil. The price works out to S$2,940 per square foot on the gross floor area (GFA) of 8,503 sq ft. The gross yield is about 1.5...

Dr Doom says Singapore will ride out global turmoil

Singapore's economy will not boom over the next few years due to the global economic slowdown, but it will not go bust either. That's according to Swiss economist Marc Faber, who's also known as Dr. Doom after he accurately predicted earlier stock market crashes and other financial disasters. He was speaking at OCBC's Global Treasury Regional Economic and Business Forum on Friday. Marc Faber thinks that...

DBS, OCBC hit by global turmoil; Q1 net profits fall

Two Singapore banks on Wednesday reported falls in first-quarter net profit as trading activities took a hit from global financial turmoil. DBS Group, Southeast Asia's biggest bank, said its net profit in the first quarter ended March 31 dipped 2.0 percent to S$603 million (US$446 million) compared with the previous year. Singapore's smallest bank, Oversea-Chinese Banking Corp (OCBC), reported a four...

Singapore banks likely to ride out challenges ahead

Global ratings agency, Fitch Ratings, sees a more challenging operating environment for Singapore banks going forward. According to its latest report, Fitch expects the three local banks – DBS, OCBC and UOB – to see a slowdown in investment banking and capital market-related income over the next two years. Loans growth is seen to be moderating while loan-loss provisions are rising. But Fitch said it...

OCBC Bank does not expect further CDO impairments

OCBC Bank said it does not expect further impairments on its exposure to collaterised debt obligations (CDOs). Chief Executive David Connor made that comment at the bank's annual general meeting on Thursday. So far, 85 percent of the bank's CDOs have been marked-to-market, with provisions made for. OCBC said it does not expect any impairment losses from the remaining 15 percent. Concerns were raised...

OCBC sells its 6.2% stake in Straits Trading to Tecity

Oversea-Chinese Banking Corp (OCBC) says it will accept Tecity's bid for Straits Trading. It will sell its 6.2% stake, generating proceeds of S$135.3m. The announcement comes just days after the Lee family, which controls OCBC, pulled out of the bidding war for Tecity. And on Monday, insurer Great Eastern Holdings also announced that it was selling its stake to Tecity. OCBC had been quoted earlier as...

End of bidding war for Straits Trading is good news for minority investors

A bidding war between two of Singapore's most famous corporate families has come to an end but not without a final climax. Insurer Great Eastern Holdings says it will sell its shares in Straits Trading to Tecity, which is controlled by the family of the late Tan Chin Tuan. On Sunday, the Lee family, the main shareholder of Oversea-Chinese Banking Corp, pulled out of the race for Straits Trading, saying...

Tussle over for Straits Trading … almost

Lees say yes to Chew Gek Khim’s offer, but will OCBC? A rare and intense corporate tug-of-war between two distinguished families has ended with one side throwing in the towel, but not without first squeezing the other side. The Lees of OCBC fame yesterday retreated from the tussle for one of Singapore’s oldest firms - Straits Trading Company (STC) - by accepting the offer of $6.70 a share from the...

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