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Dr Lin Yucheng Citic Enviro(UTD) is back in SGX
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chartistkao1
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24-Feb-2023 09:35
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few days ago 6 months t-bill of 3.93% vs 5.4% yield at $12.58, which offers better return?
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chartistkao1
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24-Feb-2023 09:33
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https://www.businesstimes.com.sg/companies-markets/singapores-latest-six-month-t-bill-offers-393-yield
vs
https://investors.sgx.com/company-disclosures/company-announcements?securityCode=O39& annc=LHKGT6OUZWXSY2XT
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chartistkao1
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09-Feb-2023 16:49
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uob share $30.46,uob wee and uob' s wong is buying uob at
https://links.sgx.com/FileOpen/Form%201_WongKanSeng_14Nov22.ashx?App=Announcement& FileID=738667
https://www.theedgesingapore.com/capital/insider-moves/ceo-wee-market-uob-shares-2-million-spent-over-three-trading-days
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chartistkao1
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09-Feb-2023 09:55
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uob share falls after vreport on the sg bank today
SINGAPORE&rsquo S trio of local banks should continue to post solid growth in net interest margins (NIMs) for the fourth quarter of 2022, thanks to the high interest rate environment.
Rate hikes by the Federal Reserve throughout 2022 have driven up the cost of borrowing and boosted the NIMs of banks. The rate of NIM expansion has likely started to moderate, analysts said. Nevertheless, the banks&rsquo high capital levels and above-regulation provisioning coverage mean an upside surprise in dividends. Maybank analyst Thilan Wickramasinghe said the two Fed rate hikes during Q4 likely boosted asset yields and further supported NIM expansion across the three lenders. The trio will, however, likely book a higher cost of funding in the quarter, especially with an increase in competition for fixed deposits and current accounts savings accounts (Casa), Wickramasinghe said in a note on Jan 30. Stay updated with
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chartistkao1 ( Date: 08-Feb-2023 16:59) Posted:
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Rammerjammer ( Date: 08-Feb-2023 16:59) Posted:
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Kudos to the tech team...
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* Despite size, exit had little market impact-traders
* SPX options are CBOE&rsquo s biggest contract
(Adds comments by broker, adds CBOE plans for C2 listing)
By Ann Saphir and Doris Frankel
CHICAGO, July 8 (Reuters) - DBS Partners, one of the biggest market makers in S& P 500 Index .SPX options, was shut after failing to meet a margin call from Goldman Sachs, according to people familiar with the situation.
Goldman GS.N, DBS' s clearing firm at the Chicago Board Options Exchange, auctioned off part of DBS' s position last Friday. The underlying value of the position was in the hundreds of millions of dollars, the sources said.
Attempts to reach DBS were unsuccessful. Goldman Sachs and CBOE representatives declined to comment.
Each options contract confers the right to buy or sell 100 of the underlying shares, so 25,000 contracts represents 2.5 million shares.
Market makers are the lifeblood of an exchange because they stand ready to buy or sell whenever needed.
The exit of a major market maker, voluntary or not, can sometimes make it harder for investors to get deals done if other firms cannot step up to fill the vacuum.
S& P 500 Index options are traded exclusively at the CBOE and are CBOE' s highest-revenue business. A drop in liquidity would hurt parent CBOE Holdings Inc CBOE.O as well as the large banks and hedge funds that use the contracts to bet on or guard against swings in the benchmark index.
But the DBS blowup, despite its massive size, made barely a ripple in the wider market, traders in the S& P index options pit said. The position was sold at just about the mid-point of the market&rsquo s bid and ask prices, one trader who witnessed the sale said.
On Friday, a week after DBS&rsquo s departure, institutional brokerages including MEB Options had no difficulty completing big trades, according to Najarian.
&ldquo This is the deep end of the pool and the liquidity these groups provide is massive,&rdquo he said.
The absence of the DBS traders this week was hardly noticeable in the S& P 500 index options pit, where as many as a hundred traders stand in close quarters vying for trades.
More than 1 million of the contracts changed hands at the CBOE on Thursday, data from options clearinghouse OCC showed. Last month an average of 800,000 contracts changed hands daily.
CBOE is petitioning the Securities and Exchange Commission for permission to list its exclusive options on CBOE&rsquo s new all-electronic market, C2. The SEC is expected to act by September.
Once listed and easily accessible to high-speed traders, volume in the contracts is likely to jump, analysts say. Until then, floor traders play a vital role in providing liquidity.
The shuttering of DBS Partners was reported earlier on Friday by Bloomberg.
(Reporting by Ann Saphir and Doris Frankel Editing by Derek Caney and Matthew Lewis)
https://www.reuters.com/article/idUKN1E7670I920110708
chartistkao1 ( Date: 08-Feb-2023 16:49) Posted:
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https://sg.finance.yahoo.com/news/singapores-banking-giants-brace-higher-064600613.html
chartistkao1 ( Date: 08-Feb-2023 16:43) Posted:
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Singaporeans awoke today to a startling act of public contrition in their morning newspapers.
The Development Bank of Singapore published letters to two rival Singapore banks, United Overseas Bank and Overseas Union Bank, apologizing for having suggested they were guilty of cronyism. The Development Bank, known as DBS, and owned by the government-controlled DBS Group Holdings, had made the accusation in a presentation to investors about why its hostile bid for Overseas Union was superior to the two banks' friendly merger deal.
' ' I can understand how you feel, and apologize, on behalf of DBS and my board members, unreservedly for the distress the statements must have caused you,' ' S. Dhanabalan, the DBS Group chairman, wrote.
The letters, and the compensation of 1 million Singapore dollars ($554,000) paid to each bank by DBS, would normally be a minor tempest in the tidy world of Singaporean finance. But DBS went on to ascribe a good bit of the blame for the statements to Goldman, Sachs & Company, which has been advising DBS on its takeover campaign.
Suddenly, the squabble among three hometown banks has mutated into something else: a case study in the perils of bringing bare-knuckle American tactics to the genteel boardrooms of Asia.
The Development Bank of Singapore published letters to two rival Singapore banks, United Overseas Bank and Overseas Union Bank, apologizing for having suggested they were guilty of cronyism. The Development Bank, known as DBS, and owned by the government-controlled DBS Group Holdings, had made the accusation in a presentation to investors about why its hostile bid for Overseas Union was superior to the two banks' friendly merger deal.
' ' I can understand how you feel, and apologize, on behalf of DBS and my board members, unreservedly for the distress the statements must have caused you,' ' S. Dhanabalan, the DBS Group chairman, wrote.
The letters, and the compensation of 1 million Singapore dollars ($554,000) paid to each bank by DBS, would normally be a minor tempest in the tidy world of Singaporean finance. But DBS went on to ascribe a good bit of the blame for the statements to Goldman, Sachs & Company, which has been advising DBS on its takeover campaign.
Suddenly, the squabble among three hometown banks has mutated into something else: a case study in the perils of bringing bare-knuckle American tactics to the genteel boardrooms of Asia.
' ' In the U.S. and Europe, mudslinging is a normal part of the process in a takeover battle,' ' said David M. Webb, editor of Webb-site.com, which tracks deals in Asia. ' ' But it' s a culture shock in Singapore to have that kind of debate about management styles and motivations.' '
Goldman' s aggressive approach has landed it in trouble before in the region. In 1999, the firm apologized to the government of Thailand for a report by one of its analysts that quoted the finance minister criticizing a major Thai bank (the minister denied making the remarks).
Last year, Goldman was stung when its sales representatives sent an unauthorized e-mail message to investors with claims about the stock offering of China' s state-owned oil company, PetroChina Ltd. Because the firm feared some of the claims might have violated securities laws, it reprinted the message -- and corrected parts of it -- in the prospectus for PetroChina.
A spokesman for Goldman declined to comment on the latest case, saying, ' ' We never discuss matters involving our clients.' '
Singapore' s strict defamation laws, famous for bankrupting the nation' s few opposition political leaders, can be wielded with similar effect against commercial foes. Executives close to the dispute said United Overseas made a veiled threat to sue DBS if it did not withdraw statements contained in a document prepared by Goldman and distributed to DBS shareholders in Europe.
Goldman' s aggressive approach has landed it in trouble before in the region. In 1999, the firm apologized to the government of Thailand for a report by one of its analysts that quoted the finance minister criticizing a major Thai bank (the minister denied making the remarks).
A spokesman for Goldman declined to comment on the latest case, saying, ' ' We never discuss matters involving our clients.' '
Singapore' s strict defamation laws, famous for bankrupting the nation' s few opposition political leaders, can be wielded with similar effect against commercial foes. Executives close to the dispute said United Overseas made a veiled threat to sue DBS if it did not withdraw statements contained in a document prepared by Goldman and distributed to DBS shareholders in Europe.
Among them were assertions by DBS that a merger of United Overseas and Overseas Union would be hobbled by ' ' decision paralysis and infighting' ' that the merged bank' s board and management would comprise ' ' friends and family' ' and that the deal was intended to protect the family that controls Overseas Union at the expense of public shareholders, who own 85 percent of its outstanding shares.
' ' One certainly has to applaud the U.O.B. offer,' ' the advisers from Goldman, Sachs added. ' ' Not for its economic sense, but for its daring especially as this combination is designed to keep family control intact without regard for shareholder value.' '
Such criticisms are hardly new in Asia, where hundreds of companies could fairly be faulted for favoring family owners over public shareholders. Nor are harsh words rare in takeover battles on other continents, where combatants often publicly belittle rivals and their offers.
But they are unheard-of in the cozy club of Singapore finance, which is dominated by the government-controlled DBS and banks like Overseas Union and United Overseas, founded by ethnic Chinese families.
Defenders of Goldman say that in a roundabout way, the firm was merely carrying out the wishes of the Singapore government. Alarmed by the global consolidation in banking, Singapore has called for its own banks to merge into a handful of big regional players.
In April, DBS purchased a Hong Kong bank, Dao Heng, for $5.4 billion. In late June, it made an unsolicited $5.2 billion offer for Overseas Union, one of the first in Singapore' s history. A week later, United Overseas, Singapore' s No. 2 lender, topped that bid, offering $5.5 billion and noting that it was supported by Overseas Union' s founder, Lien Ying Chow.
DBS said on Monday that it would not be drawn into a bidding war, which means that the battle is probably over. For Goldman, the wages of defeat may be bitter. DBS declined to say whether it had dismissed the firm, and the other two banks would not comment beyond issuing letters accepting the apology.
https://www.nytimes.com/2001/08/02/business/a-singapore-bank-apology-blames-goldman-sachs.html
' ' One certainly has to applaud the U.O.B. offer,' ' the advisers from Goldman, Sachs added. ' ' Not for its economic sense, but for its daring especially as this combination is designed to keep family control intact without regard for shareholder value.' '
Such criticisms are hardly new in Asia, where hundreds of companies could fairly be faulted for favoring family owners over public shareholders. Nor are harsh words rare in takeover battles on other continents, where combatants often publicly belittle rivals and their offers.
But they are unheard-of in the cozy club of Singapore finance, which is dominated by the government-controlled DBS and banks like Overseas Union and United Overseas, founded by ethnic Chinese families.
Defenders of Goldman say that in a roundabout way, the firm was merely carrying out the wishes of the Singapore government. Alarmed by the global consolidation in banking, Singapore has called for its own banks to merge into a handful of big regional players.
In April, DBS purchased a Hong Kong bank, Dao Heng, for $5.4 billion. In late June, it made an unsolicited $5.2 billion offer for Overseas Union, one of the first in Singapore' s history. A week later, United Overseas, Singapore' s No. 2 lender, topped that bid, offering $5.5 billion and noting that it was supported by Overseas Union' s founder, Lien Ying Chow.
DBS said on Monday that it would not be drawn into a bidding war, which means that the battle is probably over. For Goldman, the wages of defeat may be bitter. DBS declined to say whether it had dismissed the firm, and the other two banks would not comment beyond issuing letters accepting the apology.
https://www.nytimes.com/2001/08/02/business/a-singapore-bank-apology-blames-goldman-sachs.html
chartistkao1 ( Date: 08-Feb-2023 16:39) Posted:
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chartistkao1 ( Date: 08-Feb-2023 16:34) Posted:
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chartistkao1 ( Date: 08-Feb-2023 16:14) Posted:
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Banking Consolidation Would Create Three Anchors, in Line With State Goal
By Hasan Jafri and Sara WebbStaff Reporters of The Wall Street Journal
Aug. 20, 2001 12:01 am ETOn Friday, Singapore' s third-biggest bank by assets, Oversea-Chinese Banking Corp., or OCBC, announced it had gained control of Keppel Capital Holdings Ltd., the smallest of the five banks, and replaced its board of directors. Meanwhile, United Overseas Bank Ltd., the second-biggest bank by assets, said it has acquired a controlling stake in Overseas Union Bank Ltd., the No. 4 player.
The two developments bring Singapore another step closer to the government' s goal of having just two or three large anchor banks, while at the same time, the country is slowly opening its market up to more competition from foreign banks. For several weeks, Singapore' s financial sector has been the focus of attention as one by one the bigger banks announced a slew of bids for their smaller counterparts -- some friendly, others hostile. Now that the merger mania has died down, attention is likely to shift to focus on the process of integration and cost-cutting opportunities, such as branch closures.
" Despite all the rhetoric about foreign banks providing a counterbalancing competitive force, we believe that the Singapore banking industry has become more oligopolistic with the OCBC-Keppel Capital and UOB-OUB mergers," said brokerage house G.K. Goh in a recent research report on the sector. Meanwhile, the research report warned that Singapore' s banks face a tough economic environment, and that the second half of this year and first half of 2002 " will be difficult due to positive cost momentum, deteriorating asset quality because of the economic slowdown in 2001, and stabilizing interest rates, which put a cap on treasury income."
On Friday, OCBC took control of Keppel Capital and its board of directors. OCBC Chairman Lee Seng Wee replaced Lim Chee Onn as chairman of Keppel Capital and its wholly owned Keppel TatLee Bank Ltd., and OCBC Vice Chairman and Chief Executive Alex Au took over as CEO of Keppel Capital, replacing acting CEO Walter Coakley.
OCBC has acquired about 92% of Keppel Capital and under Singapore law, it can now ask remaining shareholders to sell their shares before the offer closes on Aug. 31. Keppel Capital will be delisted and will become a wholly owned unit when the acquisition is completed at the end of the month, OCBC said.
With 90% ownership, OUB' s stock could be suspended from trading and the remaining shares acquired by UOB -- a scenario that most analysts and fund managers prefer, and which would make the combined UOB-OUB Singapore' s biggest bank.
" If UOB gets less than 90%, it' s not good for UOB or OUB," said Marc Tan, a senior fund manager at Optimix Funds Management in Singapore, adding that UOB won' t be able to extract the full synergy of the merger if it doesn' t have full control.
DBS Group Holdings Ltd. has already withdrawn its hostile offer for OUB, leaving OUB shareholders little choice but to accept UOB' s offer, which consisted of 4.02 Singapore dollars (US$2.30) in cash and 0.52 UOB share for each OUB share tendered.
UOB also moved forward on the fund-raising front by holding a meeting of potential investors for its S$750 million bond offer.
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https://www.wsj.com/articles/SB998243808945784014
chartistkao1 ( Date: 08-Feb-2023 16:10) Posted:
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https://www.financialexpress.com/archive/tai-to-hasten-cost-cut-at-dbs-bank/50279/
https://www.sgx.com/research-education/market-updates/20181128-aseans-biggest-primary-listed-stock-began-trading-50
chartistkao1 ( Date: 08-Feb-2023 16:02) Posted:
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https://www.ft.com/content/51a38f80-6a8a-11dc-9410-0000779fd2ac
DBS Bank chief joins Temasek exodus on twitter (opens in a new window) DBS Bank chief joins Temasek exodus on facebook (opens in a new window) DBS Bank chief joins Temasek exodus on linkedin (opens in a new window) current progress 100% John Burton in Singapore September 25 2007 Print this page Receive free Asia updates We&rsquo ll send you a myFT Daily Digest email rounding up the latest Asia news every morning. The head of DBS Bank, south-east Asia&rsquo s largest financial group, on Monday announced his surprise resignation, becoming the third senior financial executive to depart in the past week from posts linked with Temasek, the Singapore state investment company. DBS, whose biggest shareholder is Temasek, said Jackson Tai, a US-born banker, would step down towards the end of the year to spend more time with his family in the US. DBS denied that the resignation was because of the bank' s recent disclosure that it had one of the largest exposures among Asian financial institutions to collateralised debt obligations that included US subprime debt. Shares in DBS have fallen more than 7 per cent this year against gains of 15 per cent and 12 per cent, respectively, for local rivals OCBC and UOB. Mr Tai&rsquo s resignation followed Temasek&rsquo s announcement last week that Jimmy Phoon, its chief investment officer since December, was leaving to &ldquo spend more time with his family&rdquo . Meanwhile, the resignations of Frank Tang and Terry Hu, who headed Temasek&rsquo s China investment operations, were announced in order that they could set up a China-focused private equity fund. Although the departures appear unrelated, it represents the biggest shake-up in the Temasek-linked financial sector in the past five years and followed a previous house cleaning in 2002 after Ho Ching, the wife of Singapore&rsquo s prime minister, took over as head of Temasek. DBS said it would conduct a global search for a new chief executive, whose two previous occupants were also foreigners. Koh Boon Hwee, DBS chairman, will take an active management oversight role with immediate effect, the bank said. Mr Tai, who became chief executive in 2002, is credited with restoring stability to DBS after the brief two-year reign of Philippe Paillart, who was criticised for overpaying for Hong Kong&rsquo s Dao Heng Bank in 2001 in a S$10bn deal. Mr Tai joined the bank in 1999 as chief financial officer. But he was seen as failing to expand DBS operations in Asia. There were abortive bids for China&rsquo s Guangdong Development Bank and South Korea&rsquo s Korea Exchange Bank. DBS is also expected to reduce its stake in Thailand' s TMB Bank under a recapitalisation plan that would make ING, the Dutch financial group, the Thai bank&rsquo s largest shareholder. Analysts said that a shareholder furore over the Dao Heng deal made DBS cautious in making new acquisitions. This has left Temasek assuming the lead role among Singapore financial institutions in buying stakes in regional banks, including Bank of China, China Construction Bank, Indonesia&rsquo s BII and Danamon Banks, and Standard Chartered. Copyright The Financial Times Limited 2023. All rights reserved.
https://www.ft.com/content/51a38f80-6a8a-11dc-9410-0000779fd2ac
chartistkao1 ( Date: 08-Feb-2023 15:58) Posted:
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chartistkao1 ( Date: 08-Feb-2023 15:43) Posted:
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https://www.cnbc.com/2008/02/13/singapores-dbs-picks-citis-stanley-as-new-ceo.html
https://asianbankingandfinance.net/retail-banking/people/dbs-ceo-richard-stanley-dies-infection
chartistkao1 ( Date: 08-Feb-2023 15:39) Posted:
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chartistkao1 ( Date: 08-Feb-2023 15:36) Posted:
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chartistkao1 ( Date: 08-Feb-2023 15:32) Posted:
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https://www.uob.com.sg/assets/pdfs/despatch_of_uob_offer_document_news_release.pdf
chartistkao1 ( Date: 08-Feb-2023 14:34) Posted:
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Investors bought into DBS' s bold banking experiment en masse. The bank' s stock price soared from a low of S$3.37 in 1998 to more than S$28 in January 2000. A year later, in a stunning turn of events and now $36 in 2023
chartistkao1 ( Date: 08-Feb-2023 13:49) Posted:
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