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OCBC waits on Chinese regulators for acquisition strike

As the bank seeks to raise its stake in Bank of Ningbo, it posts a 1% rise in Q2 net profit

Published Fri, Aug 2, 2019 · 09:50 PM

Singapore

OCBC Group has, for now, left the door open on whether it would raise its 20 per cent stake in Bank of Ningbo - an acquisition option speculated by analysts as a means for the bank to boost its presence in Greater China.

Speaking to reporters and analysts as the bank on Friday posted a 1 per cent increase in second-quarter net profit to S$1.22 billion, OCBC's chief executive officer Samuel Tsien said the bank is awaiting more details on the Chinese regulators' intention behind relaxing foreign ownership in local banks.

"At this point in time,…