oversea-chinese banking corp (OVCHF) Key Developments
OCBC Bank Announces Board Changes
Jul 18 14
OCBC Bank announced that Dr. Cheong Choong Kong will retire as Chairman of its Board of Directors on 31 August 2014. He will be succeeded on 1 September 2014 by Mr. Ooi Sang Kuang, the non-executive lead independent director of the Board. Dr. Cheong will remain a director of OCBC Bank and Great Eastern Holdings, providing continuity so the OCBC Group can continue to benefit from his experience and wise counsel for a little longer. From March 2002 to June 2003, Dr. Cheong served as Vice Chairman of the Board before being appointed Chairman on 1 July 2003. He became a director of Great Eastern Holdings in 2005. Mr. Ooi was appointed the non-executive lead independent director of the main Board on 31 October 2013. He became Deputy Chairman of the Board of OCBC Bank (Malaysia) Berhad on 27 November 2012, and was made Chairman on 30 March 2014.
Oversea-Chinese Banking Corporation Limited Announces the Cessation of David Philbrick Conner as Non-Executive and Non-Independent Director of the Company, with Effect from August 31, 2014
Jun 13 14
Oversea-Chinese Banking Corporation Limited announced the cessation of David Philbrick Conner as non-executive and non-independent director of the company, with effect from August 31, 2014.
Oversea-Chinese Banking Corporation Limited Prices USD 1 Billion of Fixed Rate Subordinated Notes
Jun 12 14
Oversea-Chinese Banking Corporation Limited priced USD 1 billion of fixed rate subordinated notes under its USD 10 billion Global Medium Term Note Program. The Notes are expected to qualify as Tier 2 capital of the Bank under the Monetary Authority of Singapore ("MAS") Basel III framework. The net proceeds from the issue of the Notes will be used for the general corporate purposes of OCBC Bank. The Notes are priced at 99.108%, and will bear a coupon of 4.25% per annum from the issue date to the maturity date on 19 June 2024. As a Basel III capital instrument, the Notes can be written off in whole or in part if the Bank was determined by the MAS to be non-viable.
OCBC Bank Opens Sub Branch in China
Jun 10 14
OCBC Bank has announced that it has opened a sub branch in China. The company has opened the branch at the Shanghai Pilot Free Trade Zone. It is located at the Shanghai International Trust and Trade Tower. The bank, by opening the branch, is looking to serve customers planning to set up offices within the free trade zone. The sub-branch will provide services such as cross-border settlement and financing, account servicing and trade finance.
OCBC Announces Executive Changes
May 16 14
OCBC Bank announced that Vincent Choo Nyen Fui will become its chief risk officer from August 1, 2014. Mr. Choo, who will hold the rank of executive vice president, will take over from Gilbert Kohnke, who has helmed the Group Risk Management Division since September 2005. Mr. Kohnke will remain with the bank till 30 September to ensure a smooth transition. Mr. Choo, 51, joins OCBC Bank from Deutsche Bank where his last appointment was managing director and chief risk officer for Asia Pacific.