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Singapore has suffered a big reversal in its battle against Covid-19. More accustomed to applause than demerits for all but stamping out the virus, the city-state is returning to lockdown-like conditions. Authorities are now scrambling to deploy a mix of scalpels and hammers to contain a recent outbreak. Mastering this balance will be the key to any economic recovery.
The first wave of restrictions were announced Friday. Work from home becomes the default, not long after employees were encouraged to repopulate offices. Eateries are limited to takeout only. Indoor gyms are closed, attendance at worship services is tightened and social gatherings reduced to two, from five previously and eight only a few weeks ago. Then came the blunter instrument: Officials said Sunday evening that most in-school classes would close by midweek. Leaders cited virulent mutations that attack younger children. They plan to vaccinate kids under 16. (Large portions of the adult po
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18 May, 2021 Author Regina Liezl GambeRebecca Isjwara
Singapore s three major banks will continue to face pressure on their margins this year, though they may maintain their earnings momentum as the pace of loan growth may improve with the expected economic recovery, analysts say.
DBS Group Holdings Ltd., Oversea-Chinese Banking Corp. Ltd. and United Overseas Bank Ltd. reported unchanged net interest margins in the first quarter of 2021 over the fourth quarter of 2020. However, NIMs, a key measure of banks profitability, were lower than the year-ago period at all three lenders. For example, DBS, the biggest bank in Southeast Asia by assets, reported that its NIM fell to 1.49% in the March quarter, from 1.86% a year ago.
Will Kasikornbank purchase Citibankâs retail business arm? 17:47 | 17/05/2021
Kasikornbank â Thailandâs second largest financial institution â is allegedly a potential bidder to purchase Citibankâs retail business arm to increase its foothold in the wealth management, consumer lending, and credit card sectors.
âKasikornbank is interested in the USÂ lenderâs business in Southeast Asiaâs second-biggest economy and will study the details as soon as the process is open. Citigroupâs retail business here has a very large and good customer base,â Kattiya Indaravijaya, CEO of the bank told
Bloomberg.
Acquisitions and regional expansion are key for Kasikornbank, said Indaravijaya, as it fends off rising competition from new entrants into the industry, especially financial technology firms. Any bid for Citiâs retail business assets would only happen if an acquisition creates synergy and adds value t
Credit Suisse Makes New Hires in Push to Capture China’s Rich
The Swiss bank hired a number of bankers from rivals to focus on clients in Greater China
(Bloomberg)
Credit Suisse Group AG made new appointments and hires focused on Greater China as a push by global banks intensifies to capture more of the nation’s growing ranks of wealthy.
The Swiss bank hired a number of bankers from rivals to focus on clients in Greater China, according to an internal memo confirmed by a bank spokesperson. It named Keng Cheong Lock, who joined the bank in 2007, as market group head of a private banking business in Singapore that’s focused on Greater China.
Provided by Dow Jones By P.R. Venkat United Overseas Bank Ltd. first-quarter net profit rose 18% on year due to lower credit allowances and higher net fee income as market sentiment improved. Net profit for the quarter came in at 1.01 billion Singapore dollars (US$756.3 million), the bank said Thursday. Net interest income during the period was down 4% on year at S$1.53 billion, while non-interest income rose 24% at S$638 million. Fee income was mainly driven by stronger momentum in wealth management and investment banking activities, the bank said. Sentiment and business activities (is) picking up and trade flows resuming between ASEAN and Greater China, the bank said.