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

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Oversea Chinese Banking : Bank of Singapore to serve GCC from DIFC hub

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02/19/2017 | 02:44pm EST

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of Dubai International Financial Centre (DIFC), officially opened the Bank of Singapore's branch in the DIFC on Sunday.

The official opening ceremony was attended by Essa Kazim, governor of DIFC; Samuel Tsien, Group CEO of Bank of Singapore's parent company OCBC Bank; Ching Wei Hong, chief operating officer of OCBC Bank and chairman of Bank of Singapore; and Bahren Shaari, CEO of Bank of Singapore; apart from 250 of the private bank's clients.

Sheikh Maktoum congratulated Bank of Singapore on the opening of its regional office in DIFC and highlighted the special relationship between Singapore and the UAE, which, he said, is steadily growing stronger.

He stressed that the government of Dubai continues to work in line with its vision established decades ago of pursuing a strong partnership with local and international private sector companies. He underlined the role that this partnership has played in supporting Dubai's ambitious development plans across several sectors, including the banking sector.

Sheikh Maktoum further said that DIFC is keen to provide a conducive environment for its partners from across the globe to accelerate their business growth and success.

He also commended Singapore on the recognition it gained at last week's World Government Summit in Dubai where the country's Ministry of Finance was awarded the Best M-Government Award in the category of Economy & Commerce.

With the establishment of its DIFC office, the Bank of Singapore seeks to usher in a new growth phase in its history in the Middle East. The branch is helmed by Kirit Chauhan and supported by a team of 75 employees.

In conjunction with the official opening of the DIFC branch, Bank of Singapore organised a business forum titled 'Global Outlook 2017 Conference' for 200 clients based in the Middle East and another 50 international clients who travelled to Dubai to attend the event and the opening of the branch.

Theoretical physicist and futurist Dr Michio Kaku, and Nobel laureate and economist Paul Krugman headlined the business forum. Dr Kaku spoke on his vision of the future and how businesses and societies will be shaped by future trends. Krugman shared his insights on global economic issues.

Shaari said: "The Middle East, specifically the UAE, has been an integral part of our business. The setting up of this branch in DIFC further strengthens our franchise and commitment to serve the burgeoning population of ultra-high and high-net worth individuals in this region."

Bank of Singapore's presence in the Middle East goes back over 20 years. It opened its representative office in Dubai in 1996, before the DIFC was set up in 2004.

- business@khaleejtimes.com

(c) 2017 Khaleej Times. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ( SGD)
Sales 2017 8 940 M
EBIT 2017 4 633 M
Net income 2017 3 582 M
Debt 2017 -
Yield 2017 3,88%
P/E ratio 2017 11,07
P/E ratio 2018 10,16
Capi. / Sales 2017 4,47x
Capi. / Sales 2018 4,20x
Capitalization 39 924 M
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Mean consensus HOLD
Number of Analysts 23
Average target price 9,47  SGD
Spread / Average Target -0,57%
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Samuel Nag Tsien Group CEO & Non-Independent Executive Director
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Siew Peng Tan Chief Financial Officer & Executive Vice President
Khiang Tong Lim Head-Group Operations & Technology
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