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el7888
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28-Jul-2009 19:45

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Updated: 28th July 2009, 1725 hrs

DBS expects wealth management assets in Taiwan to grow more than 10% this year

DBS Group says it expects its wealth management assets in Taiwan to grow more than 10 percent by the end of this year.

The bank, which acquired distressed Taiwan lender Bowa Bank earlier this year, also said it would return to profit from a 2 million US dollar pretax loss last year.

President of DBS in Taiwan, Jerry Chen, told reporters on the sidelines of a company event that the bank was optimistic about the economic outlook.

He said growth was not going to be a problem, referring to the bank's growth in overall operations and in assets of wealth management clients.

He did not provide a specific profit target for 2009.

But he said the Singapore bank aimed to lower its non-performing loan ratio to 2 percent by the end of this year.

The bank's NPL ratio was 3.3 percent as of May.

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temp123
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28-Jul-2009 16:24

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never expect dbs can also become 1 bagger.

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foucs6900
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28-Jul-2009 16:13

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Indeed good news, look at vol of buying up can tell........shld be looking at ard 14 to 15 before next week report release n will maintain till next quater report, unless more bad news coming along........

today just unload some ocbc shares....nw banks and property shares are the big push for STI index up so high....jus my view oni....:)

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wongmx6
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28-Jul-2009 15:55

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Good new, Thanks Limkt009.

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limkt009
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28-Jul-2009 15:53

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TAIPEI (Dow Jones)--DBS Group Holdings Ltd. (DBSDY) expects its Taiwan operation to return to profit in 2009 on growth in both its corporate and retail banking businesses, the Taiwan general manager of the Singapore firm said Tuesday.

"Our corporate and retail businesses are quite balanced," Jerry Chen told Dow Jones Newswires on the sidelines of a news conference in Taipei.

On the retail banking side, DBS will focus on home and auto loans in 2009, and will only issue new credit cards again in 2010, Chen said.

According to data on the Financial Supervisory Commission Web site, DBS's Taiwan operation had a pretax profit of NT$406 million in the January-May period this year, after a pretax loss for full-year 2008 of NT$67 million.

Last year, DBS took over failed Taiwan lender Bowa Commercial Bank Ltd. The government granted the Singaporean firm NT$44.5 billion as part of the transaction.

DBS was among several foreign banks to take over failed Taiwan lenders as part of a government push to consolidate the island's banking sector.

-By Perris Lee Choon Siong, Dow Jones Newswires; +8862-2502-2557; perris.lee@dowjones.com

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wongmx6
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28-Jul-2009 15:37

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Many analyst said it's all depend on the Provision. That's will be the wild card.

Good Luck

limkt009 ( Date: 28-Jul-2009 15:12) Posted:

$15 is also possible till reporting next week. Keep moving.....

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limkt009
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28-Jul-2009 15:12

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$15 is also possible till reporting next week. Keep moving.....

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wongmx6
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28-Jul-2009 15:10

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I like to hear that.

Thank you

ROI25per ( Date: 28-Jul-2009 12:17) Posted:

at this rate; 14 is within reach

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ROI25per
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28-Jul-2009 12:17

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at this rate; 14 is within reach

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wongmx6
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28-Jul-2009 10:36

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Second Quarter result is crucial. DBS is always one of my main core investment in Stock market.

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limkt009
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28-Jul-2009 09:46

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$14 perhaps, narrow the gap with UOB.

wongmx6 ( Date: 27-Jul-2009 21:15) Posted:

How far can it go?

ROI25per ( Date: 27-Jul-2009 20:45) Posted:

Finally 13 is conquered

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ROI25per
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28-Jul-2009 09:15

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cheong ah.................................................................

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wongmx6
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27-Jul-2009 21:15

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How far can it go?

ROI25per ( Date: 27-Jul-2009 20:45) Posted:

Finally 13 is conquered

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ROI25per
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27-Jul-2009 20:45

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Finally 13 is conquered

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ROI25per
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27-Jul-2009 15:53

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13 is coming...

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junction
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12-Jul-2009 11:46

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DBS is the largest bank and the only issuer (creator) of questionable structured products among the banks fingured by MAS. Their offer of compensation (offer of compensation is not actual compensation) is the lowest in % terms (about 7.6% of the value invested by unwary investors) and they have admitted to 49 untrained Relationship Managers who were assigned to sell the toxic products! Yet they get only 6 months of ban (meaningless since the market for structured products is almost zero). The front page article in the Business Times Wed 8th July together with the headline news of the damning MAS report of its 7 month investigation in the debacle said it all. Compare to HLF, its a shame. I am not sure if DBS in one of the 16 banks in Hong Kong which offered 60% to 70% compensation to investors but if not probably its licence to operate in HK will be at risk. At least 3 Financial Institutions in HK has paid higher compensations. So expect DBS to significantly raise its compensation in the coming months either through open court or Fidrec rulings. The 7.6% offer was because they were the defendant, judge and executioner.

ozone2002 ( Date: 10-Jul-2009 11:03) Posted:

UPDATE 1-Customers sue Singapore's DBS over investment loss

Sued over Lehman-linked High Notes 5

* DBS says claim has no merit, will contest

* Shares ignore news of suit, up 0.4 pct

* DBS sold over S$100 mln of High Notes 5 - MAS (Adds context, DBS share price)

SINGAPORE, July 10 (Reuters) - More than 200 customershave sued Singapore's DBS Bank in a bid to recover investment losses arising from the collapse of U.S. investment bank Lehman Brothers (LEHMQ.PK).

Siraj Omar, a director at Premier Law, told Reuters on Friday his firm had filed a claim on behalf of 204 investors in a Singapore court. He declined to discuss the case or reveal the size of the claim, which according to the Straits Times newspaper was around S$17 million ($11.6 million).

The investors had purchased a callable basket of credit-linked notes, called High Notes 5, from DBS Bank, a unit of DBS Group (DBSM.SI), Omar said.

A DBS spokeswoman confirmed receipt of the claim. She said the suit was without merit and that DBS planned to contest the suit, which is the first involving the bank's High Notes 5 product.

News of the lawsuit had almost no impact on shares of DBS Group, which were up 0.4 percent on Friday morning at S$11.58 in a generally flat stock market.

Financial institutions around the world have been hit by complaints and lawsuits arising from the sale of interest-bearing structured products linked to Lehman that paid higher interest rates than regular savings deposits.

For example, a class action suit was launched in November against UBS (UBSN.VX) in the United States that alleged the Swiss bank had sold Lehman-linked notes as suitable for investors seeking to protect their principal investment. [ID:nL7171660]

News of the suit against DBS comes three days after Singapore's central bank banned DBS and nine other firms from selling structured notes, citing various issues, such as their failure to adequately train the staff who sold such products. [ID:nSIN397515]

According to a report released by the Monetary Authority of Singapore (MAS), DBS which received the shortest ban of six months, had sold over S$100 million worth of High Notes 5 to 1,083 investors that became worthless after Lehman's collapse.

The bank has to-date paid about S$7.6 million in compensation, the central bank's report said.

MAS said the failings identified in its investigations "do not automatically mean that the financial institutions are liable to individual investors." ($1=1.4585 Singapore Dollar) (Reporting by Kevin Lim; Editing by Muralikumar Anantharaman)

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senecus
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11-Jul-2009 21:51

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Some Banks are lead by the incapables...such incident should not be happening to Singapore banks...

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Andrew
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10-Jul-2009 23:07

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This issue has been play out for so long and you have miss the entire point.....really...

More risk More gain....YES....Less risk less gain....Of course.

If you remember, the news reported and footage of people protesting ..... in Hong Kong....one guy shouted " We are not greedy people.....I only get 4% return 4 PERCENT !!! He proclaimed !! "

In Singapore, it is more or less the same thing lor...

The gain is SO LITTLE.....but the risk is SO GREAT. With this kind of risk.....shouldn't the return be 50% or more ??

The word MiniBond is so misleading.....don't you think.....Is it a product which allow you to own a piece of the Republic of Singapore Government Bond and the product is called Lehman MiniBond

Did DBS know about the trouble in Lehman when they sold the product ? We will know soon enough as the lawsuit progress.

BTW, I did not bought any of this trouble asset...... I am just very upset seeing senior people walking with big sign board in CBD....so sad....life saving gone leh

Just because of greedy people in our bankssss.....these victims paid feesss and believe that the bank will take care of them. Sure they did.....

Finally, will you buy these type of product again ??

eric69 ( Date: 10-Jul-2009 11:40) Posted:

it's sad that so many people got their hard-earned beans burned up in this unfortunate saga. investment is never a 100% risk-free affair - to earn big money comes big risk. haiz.

niuyear ( Date: 10-Jul-2009 11:30) Posted:

Why are we into this law-suit madness?

I supported DBS 'Claim has no merit"! Simple reason : Investments come with risks!

"The investors' stupidity is always someone-else fault and own personal responsibility is always someone else's job" . If one thinks this is right, then, i would think this person is not ready to take any form of investment;

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senecus
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10-Jul-2009 22:38

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What will happen if jean is too tight...on man it looks obscene...but...on woman it is appealing...

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TradeChancellor
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10-Jul-2009 20:34

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Based on TA, the bollinger bands are extremely tight now...

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