Once-hot Singapore banks are turning cold
Russia-Ukraine war, macroeconomic headwinds and excessive valuations are weighing down these seemingly ideal post-pandemic recovery plays
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THIS week – on Friday, June 10 – readers of The Business Times will have the opportunity to join me as I chat with OCBC chief executive Helen Wong about the outlook for the financial institution.
This is a particularly interesting moment to have this conversation.
Last year, it seemed that OCBC and its local peers DBS and UOB were ideally positioned to ride the post-pandemic recovery. Profitability was swinging up on falling provisions and strong fee income. Rising interest rates were also expected to boost their net interest margins.
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