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Stock Chart
Last Done 11.080
Change -0.020 (-0.18%)
Volume 3,991.2
Range 11.000 - 11.140

OCBC's Wing Hang buyout trebles contribution from Greater China

20 Aug 2019 09:00

With the Wing Hang acquisition, OCBC today banks all the blue-chip companies in Hong Kong, said Mr Tsien, with the lender also in the SME segment "much more forcefully than before". PHOTO: OCBC

By Jamie Lee

OCBC has seen a tripling of its Greater China earnings contribution over the last five years on the back of its US$5 billion Wing Hang acquisition in 2014, with the piping of OCBC's regional network now channelling greater flows tied to the rise of the world's second largest economy, said group chief executive officer Samuel Tsien.

Operating profit from OCBC's Greater China franchise has jumped to S$1.63 billion in 2018, up from S$476 million in 2013 before Wing Hang was absorbed into the OCBC group, Mr Tsien told media and analysts in Hong Kong.

Post-acquisition - that is, between 2014 and 2018 - operating profit generated out of the area roughly doubled from S$831 million, translating to a compound annual growth rate (CAGR) of about 18 per cent to 19 per cent, he added.

Greater China will remain the second-largest market for OCBC after Singapore, with its pre-tax profit contribution in 2018 at 19 per cent, up from 6 per cent in 2013. By 2023, the Greater China contribution should range between 20 per cent and 25 per cent, said Mr Tsien.

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Source: Business Times

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