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OCBC sweetens rights issue exercise

SINGAPORE – OCBC Bank has moved to sweeten its rights issue with product-specific incentives.

SINGAPORE – OCBC Bank has moved to sweeten its rights issue with product-specific incentives.

In a statement today (Aug 28), the bank said shareholders who subscribe for their rights shares at OCBC ATMs will not have to pay the usual S$2 ATM transaction fee.

Additionally, shareholders can also earn payment bonus interest of 1 per cent on their OCBC 360 account balance by paying two bills online or by GIRO. Usually, they have to pay three bills to qualify for the bonus interest.

OCBC, Singapore’s second-biggest lender, announced on Aug 18 that it planned to raise S$3.3 billion via a rights issue to strengthen its capital. This was following its recent acquisition of Hong Kong’s Wing Hang Bank in a deal worth about US$4.95 billion (S$6.16 billion).

The bank said it will sell 440 million shares at S$7.65 a share. The rights issue is offered on the basis of one rights share for every eight existing shares held.

CHANNEL NEWSASIA

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