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OCBC Bank
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OCBC
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keepnosecrets
Master |
15-Oct-2009 15:21
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No cheong leh. Big investors throw the bank away like they met something bad.!! Chou ah.
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nickyng
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15-Oct-2009 14:48
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http://www.sharesinvestment.com/articles/DJ48111/ .... Some analysts were skeptical about OCBC's move given its lack of exposure in the private banking business and some worried that the Singaporean bank may have overpaid for ING's assets. "The challenge will be to retain the customers and the relationship managers because OCBC is not a brand name," said an analyst with a foreign bank. "The main problem is will (OCBC) be able to keep the bankers and their clients? Private banking is all about the brand. It may raise doubts in clients minds if (ING's operations are) no longer seen as a Dutch bank," said another analyst with a European bank. Others were more positive. "As of June 2009, OCBC had Tier-1 capital of S$15 billion, a Tier-1 ratio of 15.4%, compared to Tier-1 ratios of about 12.5% for its peers. This suggests that OCBC enjoys excess Tier-1 capital of S$2.5 billion-S$3 billion over its peers, giving it ample ammunition to seek M&A opportunities," Robert Kong, analyst with Citigroup said in a note. The note also said that adding private banking assets would enhance OCBC's leading wealth management franchise, that includes 87%-owned Great Eastern (life insurance) and 91% owned Lion Global Investors (asset management)..... |
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nickyng
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15-Oct-2009 14:40
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next support..7.52...hee...if Oct crash!!haha...it could be 5.72 ! :P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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frosin
Member |
15-Oct-2009 14:39
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You may want to consider OCBC closing at $7.40, this may not be able to fully cover the immediate reduction recognized for this deal. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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nickyng
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15-Oct-2009 14:37
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hee....looks like investors are punishing this "stupid" buy ! :D
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jng1103
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15-Oct-2009 14:29
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Let's hope the closing @ $7.8x 
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nickyng
Supreme |
15-Oct-2009 14:11
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hmm...looks like 7.70 barrier will be tested today....wondering at 1.6b buy of ING is it paying a premium?? how come DBS back out from the race last min huh? somethg fishy?? ...hee | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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frosin
Member |
15-Oct-2009 14:11
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should it not fall since ocbc is acquiring plus they are paying a lot for it. first goodwill equal no value. second cash buy cash form 1/3 of the deal. dilution of tier 1 capital by 1.5%, is that not significant? 17 time 2008 earning, means next 17 year earnings is gone less those on top of earning. can they pull it off. 1.6 asset value, 60% premium? |
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nickyng
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15-Oct-2009 13:53
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hee...i will be around to curb your CHEONG via SHORTING..incase it is overdone?!?! :P hee... :D
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erictkw
Veteran |
15-Oct-2009 13:26
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Trading Lifted. Hopefully CHEONG AHHH......... 
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erictkw
Veteran |
15-Oct-2009 13:24
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OCBC Bank Triples its Private Banking Business with the Acquisition of ING Asia Private Bank Singapore, 15 October 2009 - Oversea-Chinese Banking Corporation Limited (“OCBC Bank” or “the Bank”) announced today that it reached agreement with ING Bank N.V. to acquire its Asian private banking business, comprising Singaporebased ING Asia Private Bank Limited and its affiliated entities (together, “IAPB”), for US$1,463 million (approximately S$2,048 million) in cash. The acquisition amount includes IAPB’s estimated surplus capital of approximately US$550 million1. The purchase will be funded by OCBC Bank’s existing resources. The acquisition of IAPB marks a transformational step in OCBC Bank’s private banking business and will more than triple the Bank’s private client assets under management (“AUM”) to US$23 billion, creating a leading Asian private bank. OCBC Bank will be well placed to capture the opportunities provided by the rapid growth of Asia’s wealth management industry and Singapore’s unique position as a major private banking hub, attracting wealth from both within and outside Asia. The acquisition is also in line with the Bank’s strategic goal of becoming a leading player in wealth management, as articulated in its New Horizons II Strategy. It will significantly strengthen the Bank’s position in serving the wealth management needs of its mass, mass affluent and high net worth customers. Proposed Transaction OCBC Bank will pay a total consideration of US$1,463 million in cash for Singaporebased ING Asia Private Bank Limited and its affiliated entities. The consideration takes into account the estimated surplus capital of US$550 million at IAPB. As at 31 August 2009, ING Asia Private Bank Limited had shareholders’ funds of US$906 million and Tier 1 capital adequacy ratio of 25%. In terms of valuation multiples, OCBC Bank is paying 1.6 times IAPB’s net asset value at 31 August 2009, 17 times its normalised 2008 earnings, 3.4% goodwill over AUM and, adjusted for estimated surplus capital, 5.8% of AUM. The purchase will be funded by OCBC Bank’s existing resources. Following the acquisition, OCBC Group’s pro-forma Tier 1 capital ratio (based on June 2009 figures) is expected to be reduced by approximately 1.5% points to 13.9%, remaining well above the regulatory minimum of 6%. As part of the transaction, ING Group will continue to provide certain key transitional services to IAPB for a period of time after completion. Subject to regulatory approvals being received in Singapore and other relevant jurisdictions, the transaction is expected to be completed around year-end 2009. Financial Effects The acquisition is not expected to have a material impact on the net tangible assets or earnings per share of OCBC Group for the current financial year. The transaction is expected to be earnings per share accretive in 2010, with more significant earnings accretion from 2011 onwards. On a pro-forma basis (based on June 2009 figures), the acquisition is expected to reduce OCBC Group’s Tier 1 capital adequacy ratio from 15.4% to 13.9%, and its total capital ratio from 15.9% to 14.4%. These ratios remain strong and well above the regulatory minimums of 6% and 10% respectively. Complete release at http://www.ocbc.com.sg/download/media_releases/2009/Oct/OCBC_IAPB_Press%20Release.pdf |
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erictkw
Veteran |
15-Oct-2009 12:59
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Oversea-Chinese Banking Corp., the Singapore bank that owns the city-state’s biggest life insurer, agreed to buy ING Groep NV’s private banking assets in Asia for about US$1.5 billion ($2.1 billion), said two people with knowledge of the matter. The companies may announce the deal as early as today, the people said, declining to be identified because they aren’t authorized to discuss the matter publicly. ING spokeswoman Karen Williams didn’t immediately return a call seeking comment. “We do not comment on rumours,” said Oversea-Chinese spokeswoman Koh Ching Ching. Oversea-Chinese beat out HSBC Holdings Plc for ING’s Asian private bank, according to the people, as competition heats up in a region expected to outperform Europe and the US in wealth accumulation. For ING, which received a 10 billion euro ($20.7 billion) lifeline from the Netherlands last October, the deal brings it closer to completing a plan to raise as much as 8 billion euros selling assets. The Amsterdam-based company last week sold its Geneva-based wealth management business to Julius Baer Group. China’s number of so-called high net worth individuals, those with at least US$1 million of assets to invest, surpassed that of the UK last year to become the world’s fourth-highest, according to the 2009 World Wealth Report by Cap Gemini SA and Merrill Lynch Wealth Management. |
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keepnosecrets
Master |
15-Oct-2009 10:48
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The smallest and yet the strongest. That is OCBC! Now want to grow bigger. So of course Cheong is the word!! | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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jng1103
Senior |
15-Oct-2009 10:46
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I hope it's a good news... OCBC $$$cheong$$$ 
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erictkw
Veteran |
15-Oct-2009 09:50
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Trading Halt?? Can it be....
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jng1103
Senior |
09-Oct-2009 12:22
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OCBC in race for ING assets Home > Breaking News > Singapore > Story Oct 8, 2009 OCBC bank has joined the three-way race to buy the Asian private banking assets of ING in a deal expected to be sealed later this month, sources said. The assets are expected to fetch between US$1.3 billion (S$1.8 billion) and US$1.7 billion. 'We're one of the main contenders now, with the other two being HSBC and DBS,' said an OCBC banker, who spoke on condition of anonymity. 'It's an up-and-running private bank and it's bigger than us and is a model that we can follow.' He said ING has an estimated 150 relationship managers - more than double OCBC's headcount. OCBC's head of group corporate communications, Ms Koh Ching Ching, declined to confirm the bank's interest. She said: 'We are always looking for growth opportunities in the region.' The fight for ING's private banking assets is keenly watched and will be arguably the most significant deal in the wealth management industry since the onset of the financial crisis. The sale of ING's Asian assets comes on the heels of its announcement on Wednesday that it is offloading its Swiss private-banking division to Julius Baer for about US$504 million. |
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oceanblue
Senior |
22-Sep-2009 11:09
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Analyst says target price is $10.10. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Hulumas
Supreme |
01-Sep-2009 20:05
Yells: "INVEST but not TRADE please!" |
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I keep buying.
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jng1103
Senior |
01-Sep-2009 12:31
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hoping for a small windfall after taking the small calculated risk yesterday with OCBC
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risktaker
Supreme |
01-Sep-2009 07:58
Yells: "Sometimes you think you know, but in fact you dont" |
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I will buy it around oct :)
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