HK court rules against OCBC private bank in mis-selling case

Singapore

HONG Kong's High Court ruled against Oversea-Chinese Banking Corp's private bank in a mis-selling case, saying the unit and a relationship manager had breached their contractual duty towards an elderly couple who lost money on investments made with ING Asia Private Bank.

In a court judgment dated Aug 8, the court said that Bank of Singapore and banker Yvetti Chau Kwan-siu had failed "to exercise reasonable care and skill" in assessing the couple's investment objectives and risk appetite, in offering them unsuitable investments and in failing to warn them of the risks.