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4-Traders Homepage  >  Equities  >  SINGAPORE EXCHANGE  >  Oversea-Chinese Banking Corp. Limited    OCBC   SG1S04926220

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Oversea Chinese Banking : OCBC Starts Private Banking Operations in Indonesia

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05/22/2017 | 06:59am CEST
   By Saurabh Chaturvedi 
 

SINGAPORE--Oversea-Chinese Banking Corp. (O39.SG) Monday said it has started private banking operations in Indonesia, in the latest move by Singapore's second-biggest bank by assets to expand its wealth management business.

OCBC said in a statement that its 85%-owned unit PT Bank OCBC NISP Tbk has received regulatory approval to begin private banking division.

The move is aimed at increasing OCBC's share of the wealth-management business, particularly to tap into the country's wealthy families and entrepreneurs. The move comes as low interest rates and subdued loan demand have hurt the bank's income. For instance, OCBC's 13.7% growth in first-quarter net profit was driven partly by an increase in wealth-management income.

The latest announcement follows its recent deal to buy National Australia Bank's (>> National Australia Bank Ltd.) private-wealth business in Singapore and Hong Kong. Last year, OCBC's private-banking unit bought Barclays PLC's wealth- and investment-management business in Singapore and Hong Kong.

OCBC's CEO Samuel Tsien said the latest announcement is an "important milestone" in the expansion of OCBC's wealth management franchise.

"This new business enables us to broaden our client coverage of high net worth individuals."

Write to Saurabh Chaturvedi at [email protected]

Stocks mentioned in the article : National Australia Bank Ltd.
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Financials ( SGD)
Sales 2017 9 101 M
EBIT 2017 4 811 M
Net income 2017 3 742 M
Debt 2017 -
Yield 2017 3,52%
P/E ratio 2017 11,75
P/E ratio 2018 10,74
Capi. / Sales 2017 4,80x
Capi. / Sales 2018 4,50x
Capitalization 43 657 M
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Mean consensus HOLD
Number of Analysts 23
Average target price 10,3  SGD
Spread / Average Target -0,96%
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NameTitle
Samuel Nag Tsien Group CEO & Non-Independent Executive Director
Sang Kuang Ooi Chairman
Wei Hong Ching Chief Operating Officer
Siew Peng Tan Chief Financial Officer & Executive Vice President
Khiang Tong Lim Head-Group Operations & Technology
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