Singapore's Oversea-Chinese Banking Corp has made an offer to buy Wing Hang Bank for HK$38.428 billion ($4.95 billion).» Read More
Oct 10- Moody's Investors Service has affirmed Oversea-Chinese Banking Corporation's ratings.
Singapore shares slipped by midday, weighed by property developers such as CapitaLand Ltd after new government measures were introduced to cool the city-state's property market.
Suntec is one of the few Singapore- listed REITs that offers yields of more than 6 percent but are trading at discounts to book value, Maybank said. The brokerage is confident that Suntec REIT will be able to pay out distribution per unit of at least 2.15 Singapore cents for the third quarter and at least 9 percent Singapore cents for the full year.
DMG& Partners said United Overseas Bank Ltd and Oversea-Chinese Banking Corp Ltd may benefit from new rules to cool Singapore's property market by capping residential loan tenures at 35 years. By 0207 GMT, shares of DBS were down 1.2 percent at S $14.28, while UOB dropped 1.1 percent at S $19.63 and OCBC fell 0.7 percent to S $9.42.
SINGAPORE, Oct 5- Singapore introduced on Friday measures to prevent a bubble in its housing market and ensure more prudent lending by banks after property prices rose at a faster pace in the third quarter.
Asian private banks are benefiting from an influx of Western money as the economic uncertainties and debt woes in the United States and Europe prompt high-net-worth individuals to seek what they see as the relative strength of Asian banks. The NYT reports.
United Overseas Bank, the smallest of Singapore's three banking groups, reported a 21 percent fall in quarterly profit due to lack of one-off gains and as it booked losses on its European debt exposure.
European banks are looking to unload some of their assets in Asia to meet tighter capital requirements, and David Conner, CEO of Singapore’s second largest lender OCBC, says he is open to potential acquisitions.
Oversea-Chinese Banking Corp, Singapore's second-biggest lender, posted an 18 percent rise in quarterly profit, buoyed by strong loan growth, beating expectations.
Singapore is expected to use its Feb 17 budget to help its citizens cope with rising costs through grants and one-time payments, but businesses are set to face new measures making it harder to hire cheap foreign workers.
DBS Group, Southeast Asia's biggest lender, posted an unexpected 8 percent rise in quarterly earnings as strong loans growth more than made up for subdued interest rates.
Singapore's financial sector is among the strongest in the world, yet in terms of share performance, the sector has been underperforming other banks in the region.
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