The Business Times
business-time-50

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

google-preferred-sourceAdd BT as a preferred source
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

    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.

    OCBCAGM/EGMGreat Eastern

    TRENDING NOW

    Eugene Lai (left) says that he was sharing a view with Tan Chian Khong that the board needed a refresh and that it was not an explicit direction to resign.

    CSE Global independent director quits after clashes with chairman Eugene Lai over board refresh

    The Open category COE rose S$2 to S$129,002.

    Cat A COE rate exceeds Cat B for third time in 4 months; premiums largely down

    Siranudh Scott had caused an internet sensation with a video accusing his brother of allegedly abusing him during his childhood years.

    ‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse

    The suspension at Manulife comes amid a broader, coordinated crackdown on cross-border wealth channels.

    Manulife pulls loan product for rich Hong Kong clients after scrutiny

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More