26 stories mentioning SGX:D05Updated 1d ago
Every FINWIRES story that references SGX:D05, newest first.
DBS Group (SGX:D05) commenced voluntary liquidation proceedings for its indirect subsidiary, Primefield Company, according to a Friday filing with the Singapore Exchange.The subsidiary is a dormant entity, the financial services group said.
Oversea-Chinese Banking Corporation (SGX:O39) or OCBC, agreed to acquire the retail and wealth management business of HSBC (HKG:0005)'s Indonesian arm.The deal, executed through its subsidiary PT Bank OCBC NISP Tbk, involves the transfer of assets and liabilities of HSBC Indonesia's International Wealth and Premier Banking business, according to a Monday press release.The acquisition will expand OCBC's Indonesia platform by about SG$6.6 billion in assets under management and 336,000 customers.The portfolio includes SG$4.3 billion in customer investments across mutual funds, bonds, and insurance, as well as SG$2.3 billion in deposits and a retail loan book of about SG$0.3 billion.Total consideration will be based on net asset value at completion, with a premium of up to about SG$0.48 billion, subject to adjustment mechanisms."This acquisition in Indonesia fits well into our Next Frontier strategy under the Franchise Shift of building up our Indonesia franchise," Tan Teck Long, Chief Executive Officer of Oversea-Chinese Banking Corporation, said."Indonesia is a long-term commitment, and a key growth market," he added.The SG$2.3 billion deposit base, including sizable low-cost CASA balances, provides stable funding and opens up further wealth management opportunities, Long said.The deal is expected to be completed in the second quarter of 2027 and will be internally funded, with no material impact anticipated on OCBC's net tangible assets, earnings per share, or capital.IWPB Indonesia operates across 26 branches and is one of the largest foreign-owned retail and wealth platforms in the country.Upon completion, OCBC expects the deal to increase its Indonesia unit's AUM by about 25% and boost credit card balances by more than 150%, while adding around 1,300 employees to strengthen its wealth management capabilities.The news confirms a Bloomberg report in mid-April about OCBC emerging as the lead bidder for the assets. Bloomberg previously reported that Singapore's DBS Group (SGX:D05) and United Overseas Bank (SGX:U11), Malaysia's CIMB Group (KLSE:CIMB) and Japan's Sumitomo Mitsui Financial Group (TYO:8316) were in the running for the business.
DBS Group (SGX:D05) has an average rating of overweight and mean price target of SG$60.12, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)
Singapore shares zoomed over 1% at the close on Thursday, with the market buoyed by DBS (SGX:D05) driving investor sentiment after posting record net income for the first quarter of the year.The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,880.67 and 4,917.19 throughout the day. It ended the session at 4,912.69, up 51.72 points or 1.1% compared to Wednesday's close.The bank's shares closed over 3% higher with its total income up 1% year over year to SG$5.95 billion from SG$5.91 billion.Meanwhile, Asian markets remained positive, boosted by progress made by Japan and the US over tariff negotiations.In economic news, Singapore's manufacturing prices jumped 20.3% year over year in March, extending the 5.4% increase in the previous month, the city-state's Department of Statistics reported.Meanwhile, Singapore's Export Price Index rose 8.4% year on year in March, reversing a 4.2% decline in the preceding month.Singapore's total employment grew by 5,000 during the first quarter of the year, compared to 2,300 a year earlier, marking the 18th consecutive quarter of job growth, according to preliminary data from the Ministry of Manpower.Lending activity in Singapore expanded in March, with total loans and advances to residents rising to SG$902.3 billion from SG$893.6 billion in February, according to preliminary data released by the Monetary Authority of Singapore.In other corporate news, Tianjin Pharmaceuticals Da Ren Tang's (SGX:T14) shares were up nearly 7% at the close as its net attributable profit to owners during the first quarter of the year jumped by 13% to 423.8 million yuan from 374.2 million yuan a year earlier.
DBS Group (SGX:D05) net profit rose 1% in the first quarter to SG$2.93 billion from SG$2.90 billion a year earlier, according to a filing with the Singapore Exchange on Thursday.Earnings per share rose to SG$4.17 compared with SG$4.11 in the year-ago period. Visible Alpha expected an EPS of SG$0.98.Total income was up 1% year over year to SG$5.95 billion from SG$5.91 billion.The board declared an interim one-tier dividend of SG$0.0066 per share and a capital return dividend of SG$0.0015 per share for the period.The dividend is expected to be paid on or about May 20.Shares of the bank were up nearly 4% in Thursday trading.
Oversea-Chinese Banking (SGX:O39) emerged as the lead bidder for HSBC Holdings' (HKG:0005) Indonesian consumer business, Bloomberg News reported Friday, citing people familiar with the matter.The Singaporean bank's offer values the business at $350 million, the report said, citing the sources.No final decision has been made, with a possibility of other parties joining the bid, the people reportedly said.OCBC and HSBC did not immediately respond to requests for comment from.Bloomberg previously reported that Singapore's DBS Group (SGX:D05), Oversea-Chinese Banking, and United Overseas Bank (SGX:U11), as well as Malaysia's CIMB Group (KLSE:CIMB) and Japan's Sumitomo Mitsui Financial Group were in the running for the business.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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