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GIC and Temasek

http://www.channelnewsasia.com/stories/singaporelocalnews/view/1075367/1/.html

Singapore's policies not set in stone: MM Lee
[ Goto page: 1, 2, 3 ]

The only policy that is cast in stone.

Ministers pay must be pegged to the top earners in the private sectors

so is the liao Lee salary of $3 million dollars.

 

Subjected with SGX big REFORMATION and BANK deregulation soon!

pharoah88      ( Date: 11-Aug-2010 18:12) Posted: Will  Singapore be a  glObal  fInancIal  centre  ? ? ? ? hOw tO ? ? ? ? when sIngapOre  banks  are  makIng  ALL  the  FARCES ? ? ? ? this  DREAM  had  been  tOO  lOng  Overdue  ? ? ? ? iMpOssIble ? ? ? ? Hulumas      ( Date: 10-Aug-2010 20:59) Posted: Singapore will become one of the global financial hub. . . so the Bank operation can't simply run by private limited. I presume

 

Last Night,  one auntie told her friends that she had received a  phone call from her banker earlier in the evening.

Her banker made an offer to her on the TEMASEK 40-YEAR BOND  at 4.20%  Coupon Rate.

She  immediately told her banker, "I am nOt interested in this product.  Thank You!"

pharoah88      ( Date: 12-Aug-2010 16:19) Posted: TEMASEK  40-YEAR  BOND The 40-year bonds were sold in less than two hours with 88 per cent demand from Singapore and 12 per cent from Hong Kong. In the end, 97 per cent of the bonds went to Singapore-based investors and only 3 per cent to Hong Kong. 'Allocation was different because we would like to place more of the bonds to long term investors,' said Mr Lee. Insurance companies were allocated the lion's share of 89 per cent, followed by funds with 9 per cent and banks with 2 per cent. There were 53 accounts in all.

 

TEMASEK  40-YEAR  BOND

The 40-year bonds were sold in less than two hours with 88 per cent demand from Singapore and 12 per cent from Hong Kong.

In the end, 97 per cent of the bonds went to Singapore-based investors and only 3 per cent to Hong Kong. 'Allocation was different because we would like to place more of the bonds to long term investors,' said Mr Lee.

Insurance companies were allocated the lion's share of 89 per cent, followed by funds with 9 per cent and banks with 2 per cent. There were 53 accounts in all.

 

Will  Singapore be a  glObal  fInancIal  centre  ? ? ? ?

hOw tO ? ? ? ?

when sIngapOre  banks  are  makIng  ALL  the  FARCES ? ? ? ?

this  DREAM  had  been  tOO  lOng  Overdue  ? ? ? ?

iMpOssIble ? ? ? ?

Hulumas      ( Date: 10-Aug-2010 20:59) Posted: Singapore will become one of the global financial hub. . . so the Bank operation can't simply run by private limited. I presume! pharoah88      ( Date: 10-Aug-2010 20:53) Posted: BUY  One  Get  TWO  FREE ? ? ? ?

 

Two  Questions  came  up :

Insurance companies cannOt  find  better investments  On  their  Own  ? ? ? ?

Temasek cannOt  find better  Financing  sOurces  Overseas  ? ? ? ?

ALL these are iNSiDE  the  SingapOre bOx  ? ? ? ?

PeOple  are  always  asked  tO  thInk  OutsIde  the  bOx  ? ? ? ?

WaLK  the  tAlk  ? ? ? ?

pharoah88      ( Date: 11-Aug-2010 16:57) Posted: <> Temasek makes history with its 40-year bond Siow Li Sen Fri, Jul 23, 2010 The Business Times   (SINGAPORE) Temasek Holdings has pulled off another trailblazing fund raising exercise, bringing more depth to the local debt market. Yesterday, it sold $1 billion of bonds with a 40-year tenor, double the length of the longest dated Singapore government bond. Demand, especially from insurance companies, was strong and came in at $1.7 billion, said Clifford Lee, DBS managing director and head of fixed income, global financial markets. The latest Temasek Bond which matures in August 2050 will pay 4.2 per cent interest. Investors will be paid every six months, at a coupon rate of 4.2 per cent per annum. 'The 2050 maturity set a new SGD benchmark, being the longest dated SGD bond yet issued,' said Aaron Russell-Davison, head of Asian debt syndicate, Standard Chartered Bank DBS was the global coordinator for the issue. Joint lead managers and bookrunners were DBS and Stanchart. 'It's an accomplishment by Temasek in many fronts,' said Mr Lee. 'They're opening up new markets for themselves and others and only very strong credits can do that . . . (and) tapped 40-year money at a 30-year rate.' In December, Temasek sold $300 million of 30-year bonds at a coupon rate of 4.2 per cent when interest rates were a lot higher. Since then, interest rates have fallen and a top quality issuer such as Temasek becomes very attractive. The 40-year bonds were sold in less than two hours with 88 per cent demand from Singapore and 12 per cent from Hong Kong. In the end, 97 per cent of the bonds went to Singapore-based investors and only 3 per cent to Hong Kong. 'Allocation was different because we would like to place more of the bonds to long term investors,' said Mr Lee. Insurance companies were allocated the lion's share of 89 per cent, followed by funds with 9 per cent and banks with 2 per cent. There were 53 accounts in all. This is Temasek's eleventh bond issue under its US$10 billion guaranteed global medium term note programme. With Monday's ??pounds;700 million (S$1.47 billion) of bonds sold to UK investors, the total Temasek bonds amount to S$10.4 billion, or just over 70 per cent of the US$10 billion programme. For long term investors, such as insurance companies, hungry for high quality bonds, there may be more to come from Temasek. 'We remain flexible depending on our objectives,' said Temasek spokesman Tan Yong Meng when asked if there would be another bond programme when the current one ends. Said Mr Russell-Davison: 'The fact that Temasek could access a new, extended maturity in SGD just days after completing their inaugural GBP deal demonstrates the depth of investor demand for their credit. Very few issuers could tap such diverse investor interest so effectively.' DBS's Mr Lee expects more corporates to issue longer date bonds in Temasek's wake. 'This year, we have seen a historically high level of bond issuance,' he said. Data from Bloomberg shows that in the first half of 2010, total SGD bond issuance came to S$10.5 billion, more than double that in the same six months of 2009.

 

YOG - big farce?


This one cut-and-paste, very long online articles, can share after market hour... enjoy!!! Has the farce just started? Only 2 days to go...  is it!


 



Andrew Loh -

“IF YOU want tickets to catch the Youth Olympic Games, you will have to act fast,” the Straits Times urged on 7 July. “Ticket sales to the first Youth Olympic Games have been brisk, with more than 100,000, or close to 50 per cent of tickets, having sold out,” it reported.

“”More than 100,000 of the 245,000 have been snapped up… These include the 80,000 tickets that were purchased by the Ministry of Education in May,” it said.

Ok. Wait. Hold on.

Is it true that ticket sales have been “brisk”?

Two months earlier, on 26 May, the same Straits Times reported that sales of the 320,000 YOG tickets “have been sluggish”. (Straits Times)

It also reported that since March 31 (when the tickets were first put up for sale), only 20,000 tickets had been sold in April and May.

Apparently, to overcome the slow sales, the Ministry of Education stepped in and cleaned up 80,000 tickets in May. The ministry said “all schools will be allotted tickets.” (Straits Times)

That brings the total number of tickets sold to 100,000, out of the 320,000 tickets available for the games – 20,000 bought by the public and 80,000 bought by MOE.

But hold on.

The Straits Times in May said there were 320,000 tickets put up for sale.

However, in July, the same Straits Times reported the number of tickets to be 245,000 instead.

What happened to 75,000 of the 320,000 tickets?

At the moment, no one seems to know.

It is indeed telling that almost half of the tickets sold so far have to be bought by the MOE.

Will students be made to pay for the tickets?

The answer seems to be yes – according to the Straits Times.

‘Sixty per cent of ticket costs will be borne by MOE while the remainder will be paid by the schools. It is, however, up to the schools to decide the ultimate cost borne by students,” the Straits Times report says.

And the MOE is not telling how much it paid for the 80,000 tickets.

So, in brief:

The 320,000 YOG tickets mysteriously became 245,000 tickets – leaving 75,000 tickets “missing”.

20,000 tickets were sold in two months.

MOE stepped in and bought 80,000 tickets in May but refuses to disclose how much it paid for them.

Students may have to pay for these tickets. It is up to the school to decide how much students pay for them.

The budget for the YOG has more than tripled from $104 million to $387 million.

And oh, dear Straits Times, the MOE buying up 80,000 of the tickets does not mean sales “have been brisk”. 20,000 tickets – or 6 per cent – bought by the public out of 320,000 (or even 245,000) is very sluggish sale indeed.

One wonders if this whole thing is not becoming another farce.

Whatever it is, it should be of great concern to the organizers (and the Ministry of Community, Youth and Sports) that one month before the games are to begin, tickets sales have been so bad – and that the budget for the games has jumped more than threefold, from $104 million to $387 million!

Methinks Vivian Balakrishnan and Teo Ser Luck have a lot to account for.

———

Cartoon from My Sketchbook.

———

Here are the news reports:

Tickets selling fast, sales “brisk”.

320,000 tickets, MOE buys 80,000 tickets, sales “sluggish”:

245,000 tickets, tickets “snapped up”

 

<>

Temasek makes history with its 40-year bond

Siow Li Sen Fri, Jul 23, 2010 The Business Times

(SINGAPORE) Temasek Holdings has pulled off another trailblazing fund raising exercise, bringing more depth to the local debt market. Yesterday, it sold $1 billion of bonds with a 40-year tenor, double the length of the longest dated Singapore government bond. Demand, especially from insurance companies, was strong and came in at $1.7 billion, said Clifford Lee, DBS managing director and head of fixed income, global financial markets. The latest Temasek Bond which matures in August 2050 will pay 4.2 per cent interest. Investors will be paid every six months, at a coupon rate of 4.2 per cent per annum. 'The 2050 maturity set a new SGD benchmark, being the longest dated SGD bond yet issued,' said Aaron Russell-Davison, head of Asian debt syndicate, Standard Chartered Bank DBS was the global coordinator for the issue. Joint lead managers and bookrunners were DBS and Stanchart. 'It's an accomplishment by Temasek in many fronts,' said Mr Lee. 'They're opening up new markets for themselves and others and only very strong credits can do that . . . (and) tapped 40-year money at a 30-year rate.' In December, Temasek sold $300 million of 30-year bonds at a coupon rate of 4.2 per cent when interest rates were a lot higher. Since then, interest rates have fallen and a top quality issuer such as Temasek becomes very attractive. The 40-year bonds were sold in less than two hours with 88 per cent demand from Singapore and 12 per cent from Hong Kong. In the end, 97 per cent of the bonds went to Singapore-based investors and only 3 per cent to Hong Kong. 'Allocation was different because we would like to place more of the bonds to long term investors,' said Mr Lee. Insurance companies were allocated the lion's share of 89 per cent, followed by funds with 9 per cent and banks with 2 per cent. There were 53 accounts in all. This is Temasek's eleventh bond issue under its US$10 billion guaranteed global medium term note programme. With Monday's ??pounds;700 million (S$1.47 billion) of bonds sold to UK investors, the total Temasek bonds amount to S$10.4 billion, or just over 70 per cent of the US$10 billion programme. For long term investors, such as insurance companies, hungry for high quality bonds, there may be more to come from Temasek. 'We remain flexible depending on our objectives,' said Temasek spokesman Tan Yong Meng when asked if there would be another bond programme when the current one ends. Said Mr Russell-Davison: 'The fact that Temasek could access a new, extended maturity in SGD just days after completing their inaugural GBP deal demonstrates the depth of investor demand for their credit. Very few issuers could tap such diverse investor interest so effectively.' DBS's Mr Lee expects more corporates to issue longer date bonds in Temasek's wake. 'This year, we have seen a historically high level of bond issuance,' he said. Data from Bloomberg shows that in the first half of 2010, total SGD bond issuance came to S$10.5 billion, more than double that in the same six months of 2009.

 

Singapore will become one of the global financial hub. . . so the Bank operation can't simply run by private limited. I presume!

pharoah88      ( Date: 10-Aug-2010 20:53) Posted: BUY  One  Get  TWO  FREE ? ? ? ?

 

BUY  One  Get  TWO  FREE ? ? ? ?

 

Just follow the global trend . . . . THREE in ONE is the most favourable and popular nowadays!

pharoah88      ( Date: 10-Aug-2010 11:34) Posted: The FIRST GOVERNANCE  in  HR APPOINTMENT is to  VERIFY  QUALIFICATION DID  HR  VERIFY  THE CANDIDATE'S  QUALIFICATION  ? ? ? ? DID  DBS  sued  the  EX-CEO to recover all the SALARIES AND BONUSES PAID and CLAIM  DAMAGES on this  "QUALIFICATION  FRAUD"  ? ? ? ? WHY  NOT  ? ? ? ? They can even do it NOW ? ? ? ? 178investors      ( Date: 09-Aug-2010 22:33) Posted: Daoheng bought in 2001 when Paillart was ceo. danalan was chair-mei. Paillart sounded so like "Pay-Lah" so he pay-lor. Now, after so many years, shareholders kanalan lor.. DBS corrects error in resume of chief executive on website   Asian Wall Street Journal August 16, 2001 By SARA WEBB FACINGING another potentially embarrassing situation, Development Bank of Singapore Ltd. took steps to correct information regarding the academic qualifications of its Chief Executive Officer, Philippe Paillart. In the annual report for the year 2000 and in other biographical material published on its Web site, DBS said that Mr Paillart has "a postgraduate degree from Harvard Business School." But when the Asian Wall Street Journal asked Harvard Business School about Mr Paillart's qualifications, the school replied: "Mr Paillart completed the Program for Management Development in 1983. This is not a degree program, rather, a certificate program." Mr Paillart, who is currently in Europe, said in a telephone interview on August 15 that he had never claimed to have a postgraduate degree, adding that the statement was "misleading." He confirmed that he attended the Program for Management Development in 1983, and that the program lasted "about four or five months." When told by the Asian Wall Street Journal that the DBS website and the annual report for the year 2000 -- which was signed by all five members of DBS's corporate office including Mr Paillart -- contained the error, Mr Paillart said "I will have the website changed today." By August 15 evening, the information had been corrected on the website. Mr Paillart, a French national, said that as he has plenty of other degrees and he did not need to make up such qualifications. In a statement to the Asian Wall Street Journal, DBS said "Philippe Paillart attended a PMD at Harvard Business School [Program for Management Development] in 1983. This was transcribed by the administration office as a postgraduate degree." Mr Paillart joined DBS in July 2000 as senior managing director of DBS's consumer banking group, and then took over from John Olds as the bank's chief executive officer in January this year. His banking career spanned several years with Citibank and Standard Chartered Bank PLC in Asia, and his appointment was seen as a sign of DBS's determination to boost its consumer banking business in the region in competition with such global banks as Citigroup Inc.'s Citibank, HSBC Holdings PLC and Standard Chartered. DBS, which is partly owned by the Singapore government, has been undergoing a steady overhaul of its operations in a bid to become a leading Asian -- as opposed to just Singaporean -- bank. But recently it has taken several knocks, including an embarrassing settlement of S$1 million (US$568,181) each to United Overseas Bank and Overseas Union Bank, for comments made in DBS documents about UOB's friendly bid for OUB. DBS's own hostile bid for OUB was seen by some Singaporeans as too aggressive, even though investment bankers described the comments contained in its documents as pretty standard fare by the hostile takeover standards of the US and Europe.

 

dbs also sounds like da bao si, hah! dbs also known among indiana as desi bank of singapore, so desi! haha!

niuyear      ( Date: 10-Aug-2010 11:11) Posted: CEO's name can change the FAte of   a Bank.  Is this an implication  to have CEO's names  to be ' Fai Cai' , or  'Lai Fa',  or 'Ah Huat'..........to make the bank prosper.   lol!   No worry,  the name of DBS (Development bank of singapore)  sounds like  'Da bu si'  (打不死）.  It wont die.

 

Logically the worst managed bank should be the one but you know it is also the favoured bank.  It can get away with just a touch on the wrist.  And so it continued to be arrogant under the previous management.  This new management has to clean up the shit left by the previous management.  If it were any other bank, it won't be a light touch.

niuyear      ( Date: 10-Aug-2010 11:54) Posted: which bank go first? i pick UOB -  Family culture still very strong,  Father/son/......etc   DBS is a nation's bank. - strong wing. OCBC / Great eastern - wing beneath the wing  teeth53      ( Date: 30-Jul-2010 13:34) Posted: DBS - Damn Bloody Stupid to hav bot into Dao Heng Bank was an expensive mistake made in those early 21st century. Lost S$300 million in writing off it debt. Remember when it tried to acquire OUB, the smaller bank here? It acted so rogue and arrogantly, and the rogue attitude finally pushed OUB to the arm of UOB. Now MM Lee said two bank is enuff, so either DBS or OCBC got to go, which bank go 1st ?.

 

which bank go first? i pick

UOB -  Family culture still very strong,  Father/son/......etc

 

DBS is a nation's bank. - strong wing.

OCBC / Great eastern - wing beneath the wing 

teeth53      ( Date: 30-Jul-2010 13:34) Posted: DBS - Damn Bloody Stupid to hav bot into Dao Heng Bank was an expensive mistake made in those early 21st century. Lost S$300 million in writing off it debt. Remember when it tried to acquire OUB, the smaller bank here? It acted so rogue and arrogantly, and the rogue attitude finally pushed OUB to the arm of UOB. Now MM Lee said two bank is enuff, so either DBS or OCBC got to go, which bank go 1st ?.

 

The FIRST GOVERNANCE  in  HR APPOINTMENT is

to  VERIFY  QUALIFICATION

DID  HR  VERIFY  THE CANDIDATE'S  QUALIFICATION  ? ? ? ?

DID  DBS  sued  the  EX-CEO to recover all the SALARIES AND BONUSES PAID and CLAIM  DAMAGES on this  "QUALIFICATION  FRAUD"  ? ? ? ?

WHY  NOT  ? ? ? ?

They can even do it NOW ? ? ? ?

178investors      ( Date: 09-Aug-2010 22:33) Posted: Daoheng bought in 2001 when Paillart was ceo. danalan was chair-mei. Paillart sounded so like "Pay-Lah" so he pay-lor. Now, after so many years, shareholders kanalan lor.. DBS corrects error in resume of chief executive on website   Asian Wall Street Journal August 16, 2001 By SARA WEBB FACINGING another potentially embarrassing situation, Development Bank of Singapore Ltd. took steps to correct information regarding the academic qualifications of its Chief Executive Officer, Philippe Paillart. In the annual report for the year 2000 and in other biographical material published on its Web site, DBS said that Mr Paillart has "a postgraduate degree from Harvard Business School." But when the Asian Wall Street Journal asked Harvard Business School about Mr Paillart's qualifications, the school replied: "Mr Paillart completed the Program for Management Development in 1983. This is not a degree program, rather, a certificate program." Mr Paillart, who is currently in Europe, said in a telephone interview on August 15 that he had never claimed to have a postgraduate degree, adding that the statement was "misleading." He confirmed that he attended the Program for Management Development in 1983, and that the program lasted "about four or five months." When told by the Asian Wall Street Journal that the DBS website and the annual report for the year 2000 -- which was signed by all five members of DBS's corporate office including Mr Paillart -- contained the error, Mr Paillart said "I will have the website changed today." By August 15 evening, the information had been corrected on the website. Mr Paillart, a French national, said that as he has plenty of other degrees and he did not need to make up such qualifications. In a statement to the Asian Wall Street Journal, DBS said "Philippe Paillart attended a PMD at Harvard Business School [Program for Management Development] in 1983. This was transcribed by the administration office as a postgraduate degree." Mr Paillart joined DBS in July 2000 as senior managing director of DBS's consumer banking group, and then took over from John Olds as the bank's chief executive officer in January this year. His banking career spanned several years with Citibank and Standard Chartered Bank PLC in Asia, and his appointment was seen as a sign of DBS's determination to boost its consumer banking business in the region in competition with such global banks as Citigroup Inc.'s Citibank, HSBC Holdings PLC and Standard Chartered. DBS, which is partly owned by the Singapore government, has been undergoing a steady overhaul of its operations in a bid to become a leading Asian -- as opposed to just Singaporean -- bank. But recently it has taken several knocks, including an embarrassing settlement of S$1 million (US$568,181) each to United Overseas Bank and Overseas Union Bank, for comments made in DBS documents about UOB's friendly bid for OUB. DBS's own hostile bid for OUB was seen by some Singaporeans as too aggressive, even though investment bankers described the comments contained in its documents as pretty standard fare by the hostile takeover standards of the US and Europe.

 

lOOks  like  the  COMPLETE   "lOss"  is nOt  yet  FULLY  WRITTEN  OFF.

Which  means  there  will cOme  the  THRID  and  FORUTH and . . . .  CHARGES   

teeth53      ( Date: 09-Aug-2010 21:57) Posted: http://business.asiaone.com/Business/News/My%2BMoney/Story/A1Story20100803-230242.html What's perhaps ironic though is that the bank continued to call it a one-time charge when this is the second time that DBS has done it. What's obvious is that DBS overpaid in 2001 for the then Dao Heng Bank and ever since shareholders have been paying for that. In 2005, when accounting rules changed, DBS took a $1.13 billion goodwill impairment charge for DBS Hong Kong. Previous accounting rules allowed goodwill to be amortised equally over a 20-year period. The impairment charges - when they occur - have no impact on cash flow, regulatory capital or dividend payments. That's because it's after the fact. Shareholders could for the last 10 years have been enjoying much higher levels of dividend if DBS had not bought Dao Heng. teeth53      ( Date: 30-Jul-2010 13:36) Posted: http://business.asiaone.com/Business/News/Story/A1Story20100730-229537.html This is the second major writedown on the Hong Kong business since 2005. The latest charge brings down the value of its Hong Kong operation to 2.2 times from a previous 2.5 times book. DBS tookover Dao Heng bank in an expensive $5.8 billion deal. "DBS could have written down more on Dao Heng," said Sanjay Jain, a regional banking analyst at Credit Suisse. He estimated that the Hong Kong unit was still carrying a good will of 4.5 billion, against a book value of $3.8 billion on DBS's books.

 

There was a TIME

numerous  Top and Senior Corporate Management

sent  themselves to 

HARVARD  SENIOR  MANAGEMENT  PROGRAM

which did not require examinations.

Probably  paid by company HR too.

Is  this  considered  "CORRUPTION"  ? ? ? ?

178investors      ( Date: 09-Aug-2010 22:33) Posted: Daoheng bought in 2001 when Paillart was ceo. danalan was chair-mei. Paillart sounded so like "Pay-Lah" so he pay-lor. Now, after so many years, shareholders kanalan lor.. DBS corrects error in resume of chief executive on website   Asian Wall Street Journal August 16, 2001 By SARA WEBB FACINGING another potentially embarrassing situation, Development Bank of Singapore Ltd. took steps to correct information regarding the academic qualifications of its Chief Executive Officer, Philippe Paillart. In the annual report for the year 2000 and in other biographical material published on its Web site, DBS said that Mr Paillart has "a postgraduate degree from Harvard Business School." But when the Asian Wall Street Journal asked Harvard Business School about Mr Paillart's qualifications, the school replied: "Mr Paillart completed the Program for Management Development in 1983. This is not a degree program, rather, a certificate program." Mr Paillart, who is currently in Europe, said in a telephone interview on August 15 that he had never claimed to have a postgraduate degree, adding that the statement was "misleading." He confirmed that he attended the Program for Management Development in 1983, and that the program lasted "about four or five months." When told by the Asian Wall Street Journal that the DBS website and the annual report for the year 2000 -- which was signed by all five members of DBS's corporate office including Mr Paillart -- contained the error, Mr Paillart said "I will have the website changed today." By August 15 evening, the information had been corrected on the website. Mr Paillart, a French national, said that as he has plenty of other degrees and he did not need to make up such qualifications. In a statement to the Asian Wall Street Journal, DBS said "Philippe Paillart attended a PMD at Harvard Business School [Program for Management Development] in 1983. This was transcribed by the administration office as a postgraduate degree." Mr Paillart joined DBS in July 2000 as senior managing director of DBS's consumer banking group, and then took over from John Olds as the bank's chief executive officer in January this year. His banking career spanned several years with Citibank and Standard Chartered Bank PLC in Asia, and his appointment was seen as a sign of DBS's determination to boost its consumer banking business in the region in competition with such global banks as Citigroup Inc.'s Citibank, HSBC Holdings PLC and Standard Chartered. DBS, which is partly owned by the Singapore government, has been undergoing a steady overhaul of its operations in a bid to become a leading Asian -- as opposed to just Singaporean -- bank. But recently it has taken several knocks, including an embarrassing settlement of S$1 million (US$568,181) each to United Overseas Bank and Overseas Union Bank, for comments made in DBS documents about UOB's friendly bid for OUB. DBS's own hostile bid for OUB was seen by some Singaporeans as too aggressive, even though investment bankers described the comments contained in its documents as pretty standard fare by the hostile takeover standards of the US and Europe.

 

CEO's name can change the FAte of   a Bank.  Is this an implication  to have CEO's names  to be ' Fai Cai' , or  'Lai Fa',  or 'Ah Huat'..........to make the bank prosper.   lol!

 

No worry, 

the name of DBS (Development bank of singapore)  sounds like  'Da bu si'  (打不死）.  It wont die.

 

Daoheng bought in 2001 when Paillart was ceo. danalan was chair-mei. Paillart sounded so like "Pay-Lah" so he pay-lor. Now, after so many years, shareholders kanalan lor.. DBS corrects error in resume of chief executive on website
			Asian Wall Street Journal August 16, 2001 By SARA WEBB FACINGING another potentially embarrassing situation, Development Bank of Singapore Ltd. took steps to correct information regarding the academic qualifications of its Chief Executive Officer, Philippe Paillart. In the annual report for the year 2000 and in other biographical material published on its Web site, DBS said that Mr Paillart has "a postgraduate degree from Harvard Business School." But when the Asian Wall Street Journal asked Harvard Business School about Mr Paillart's qualifications, the school replied: "Mr Paillart completed the Program for Management Development in 1983. This is not a degree program, rather, a certificate program." Mr Paillart, who is currently in Europe, said in a telephone interview on August 15 that he had never claimed to have a postgraduate degree, adding that the statement was "misleading." He confirmed that he attended the Program for Management Development in 1983, and that the program lasted "about four or five months." When told by the Asian Wall Street Journal that the DBS website and the annual report for the year 2000 -- which was signed by all five members of DBS's corporate office including Mr Paillart -- contained the error, Mr Paillart said "I will have the website changed today." By August 15 evening, the information had been corrected on the website. Mr Paillart, a French national, said that as he has plenty of other degrees and he did not need to make up such qualifications. In a statement to the Asian Wall Street Journal, DBS said "Philippe Paillart attended a PMD at Harvard Business School [Program for Management Development] in 1983. This was transcribed by the administration office as a postgraduate degree." Mr Paillart joined DBS in July 2000 as senior managing director of DBS's consumer banking group, and then took over from John Olds as the bank's chief executive officer in January this year. His banking career spanned several years with Citibank and Standard Chartered Bank PLC in Asia, and his appointment was seen as a sign of DBS's determination to boost its consumer banking business in the region in competition with such global banks as Citigroup Inc.'s Citibank, HSBC Holdings PLC and Standard Chartered. DBS, which is partly owned by the Singapore government, has been undergoing a steady overhaul of its operations in a bid to become a leading Asian -- as opposed to just Singaporean -- bank. But recently it has taken several knocks, including an embarrassing settlement of S$1 million (US$568,181) each to United Overseas Bank and Overseas Union Bank, for comments made in DBS documents about UOB's friendly bid for OUB. DBS's own hostile bid for OUB was seen by some Singaporeans as too aggressive, even though investment bankers described the comments contained in its documents as pretty standard fare by the hostile takeover standards of the US and Europe.

 

http://business.asiaone.com/Business/News/My%2BMoney/Story/A1Story20100803-230242.html

What's perhaps ironic though is that the bank continued to call it a one-time charge when this is the second time that DBS has done it.

What's obvious is that DBS overpaid in 2001 for the then Dao Heng Bank and ever since shareholders have been paying for that.

In 2005, when accounting rules changed, DBS took a $1.13 billion goodwill impairment charge for DBS Hong Kong. Previous accounting rules allowed goodwill to be amortised equally over a 20-year period.

The impairment charges - when they occur - have no impact on cash flow, regulatory capital or dividend payments. That's because it's after the fact. Shareholders could for the last 10 years have been enjoying much higher levels of dividend if DBS had not bought Dao Heng.

teeth53      ( Date: 30-Jul-2010 13:36) Posted: http://business.asiaone.com/Business/News/Story/A1Story20100730-229537.html This is the second major writedown on the Hong Kong business since 2005. The latest charge brings down the value of its Hong Kong operation to 2.2 times from a previous 2.5 times book. DBS tookover Dao Heng bank in an expensive $5.8 billion deal. "DBS could have written down more on Dao Heng," said Sanjay Jain, a regional banking analyst at Credit Suisse. He estimated that the Hong Kong unit was still carrying a good will of 4.5 billion, against a book value of $3.8 billion on DBS's books. teeth53      ( Date: 30-Jul-2010 13:34) Posted: DBS - Damn Bloody Stupid to hav bot into Dao Heng Bank was an expensive mistake made in those early 21st century. Lost S$300 million in writing off it debt. Remember when it tried to acquire OUB, the smaller bank here? It acted so rogue and arrogantly, and the rogue attitude finally pushed OUB to the arm of UOB. Now MM Lee said two bank is enuff, so either DBS or OCBC got to go, which bank go 1st ?.