Oversea-Chinese Banking Corp., Southeast Asia’s second-largest lender, posted a 32 percent increase in first-quarter profit on higher income from corporate borrowing, insurance, trading and investments.
Hugh Young, who helps manage $70 billion in Asian equities as Singapore-based managing director of Aberdeen Asset Management Asia Ltd., comments on Oversea- Chinese Banking Corp.’s announcement that Chief Executive Officer David Conner will retire in April after a decade running the city’s second-largest lender.
Ask David Conner, chief executive officer of Singapore’s Oversea-Chinese Banking Corp., what makes a world-class bank and he smiles and tells the story of how he was hired. It was April 2002, and Singapore’s banks faced a struggling economy, poor demand for credit and rising competition from foreign lenders that had just won greater access to the Singaporean market.
China is open to buying more bonds of indebted euro-area nations as part of a strategy to bolster the European Union economy and diversify away from investments in U.S. debt, China’s ambassador to the EU, Song Zhe, said.