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OCBC should be seen as ‘financial conglomerate’ unlike local banking peers, says chairman

The lender – which has two banking licences, insurance arm Great Eastern and an asset manager – is the sum of its parts in terms of share price and how it operates, notes Andrew Lee

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Tan Nai Lun

Tan Nai Lun

Published Tue, Apr 30, 2024 · 07:28 PM
    • While OCBC’s “seemingly excess” capital has had some impact on its return on equity, it reflects the board’s views on increasing uncertainties in recent times, says chairman Andrew Lee.
    • While OCBC’s “seemingly excess” capital has had some impact on its return on equity, it reflects the board’s views on increasing uncertainties in recent times, says chairman Andrew Lee. PHOTO: REUTERS

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    OCBC should be seen as a financial conglomerate of many parts, setting it apart from the other two local banks in Singapore, said its chairman Andrew Lee.

    Speaking at the lender’s annual general meeting on Tuesday (Apr 30), Lee said that OCBC is “not just a pure bank” – it comprises two banking licences, including one for its private banking arm Bank of Singapore, insurance arm Great Eastern and an asset manager.

    “What we are, in terms of the share price and in terms of how we operate, is the sum of the parts,” Lee added.

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    OCBCAGM/EGMGreat Eastern

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