DBS/POSB should sell their stake to UOB or OCBC?

[theDoors]

I think DBS/POSB should consider MM's suggestion and sell their stake to either UOB or OCBC.

MM Lee says S'pore banks may need to consolidate to expand overseas
Date : 25 June 2010 2256 hrs (SST)
URL : http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1065731/1/.html

SINGAPORE : Minister Mentor Lee Kuan Yew said Singapore's local banks may need to consolidate if they want to effectively expand overseas.

He said the three local lenders did not have the size to engage foreign markets in the same way that global leaders do.

Speaking at an event organised by the Association of Banks in Singapore on Friday, Mr Lee suggested that it might be better for the banks to consolidate to two, or even one entity to generate the mass required to break into foreign markets.

With opportunities in China and India opening up, and limited penetration in Southeast Asian markets, Mr Lee said local lenders needed scale.

 

[theDoors]

Glitch cripples largest ATM network

Bank apologises for what is believed to be its biggest lapse in service so far. -myp

Tue, Jul 06, 2010
my paper

By Rachel Chan

SINGAPORE'S biggest bank has apologised for what is believed to be its biggest lapse in service so far.

DBS, which has over four million users and 81 branches, said yesterday that it detected "technical difficulties" at 3am yesterday, which disrupted its services for seven hours.

Mr David Gledhill, managing director and head of group technology and operations at DBS, said: "The bank has multiple levels of redundancy to protect against such occurrences and this is the first time a problem of this nature has occurred.

"We are now conducting a full-scale investigation with our main vendor, IBM. We deeply regret the inconvenience caused."

Customers could not withdraw money from over 1,000 POSB and DBS ATMs - the island's largest ATM network. All 230 cash-deposit machines were down, too.

Consumers could not pay for their purchases at shops with DBS or POSB ATM cards, and online users could not log on to their Internet banking accounts.

Fashion-design student Melvin Tan, 23, was unable to pay his $122 bill at the dentist's with his POSB ATM card.

"Thankfully, my sister had given me a Standard Chartered credit card, which I was to use only for emergencies," he said.

Long queues formed at branches at 8.30am, as customers had to withdraw money or deposit cash the oldschool way - over the counter.

The bank said that it honoured cash cheques not exceeding $500 on the spot between 8.30am and 10am yesterday.

Cash- and cheque-deposit and ATM machines were back in order at 10am, and all other systems were restored progressively by lunchtime, it said.

Additional manpower was deployed to its branches and call centre to assist with customer queries. Branches with regular opening hours stayed open for an extra two hours yesterday, from 4.30pm to 6.30pm.

DBS, which acquired POSB in 1998, has been plagued by service failures from time to time, though not of this scale and duration. For example, in 2001, its ATM network, Internet-banking services and cash-deposit machines were stalled for 45 minutes.

The Monetary Authority of Singapore (MAS) said that banks are required to rectify system failures, restore services and "strengthen the system and prevent future recurrence". As part of its supervision of banks, MAS "will take appropriate supervisory action where necessary".

One lapse bigger than the other?

 

[theDoors]

DBS deposits safe boxes in scrapyard

Dennis Chong
http://www.thestandard.com.hk/stdn/std/Front_Page/FJ06Aa01.html

October 6, 2004


In a huge embarrassment for Singapore-based banking giant DBS Bank (Hong Kong), red-faced bosses came forward on Tuesday to say the bank would take "ultimate responsibility'' for the weekend blunder in which 83 safe deposit boxes filled with valuables were dumped and crushed at a scrap yard.

However, they refused to say whether the bank would compensate enraged box owners for their full losses - estimated at several million dollars.

 

[krafty]

I remembered a friend, an ex-UOB banker, he told me that during the pre take-over of OUB, the staffs at UOB saw that Wee Cho Yaw actually walked across the streets from his office to see the Mr Lien of OUB. DBS's bid was considered hostile,and that was why eventually, OUB was taken over by Wee Cho Yaw.

bopian! dbs is the national bank of sg, LL even if they screwed up here and there.

 

[theDoors]

 

[Alamaking]

I think DBS/POSB should consider MM's suggestion and sell their stake to either UOB or OCBC.

MM meant it should be the other way round actually, have heard the Lees and the Wees are not in good terms. I hope UOB wont back down, screw DBS and POSB :oIo::oIo:

 

[theDoors]

MM meant it should be the other way round actually, have heard the Lees and the Wees are not in good terms. I hope UOB wont back down, screw DBS and POSB :oIo::oIo:

Immediately after saying something like this, the bank's atm network screw up big time...

 

[Muthukali]

I remembered a friend, an ex-UOB banker, he told me that during the pre take-over of OUB, the staffs at UOB saw that Wee Cho Yaw actually walked across the streets from his office to see the Mr Lien of OUB. DBS's bid was considered hostile,and that was why eventually, OUB was taken over by Wee Cho Yaw.

bopian! dbs is the national bank of sg, LL even if they screwed up here and there.

Whats the diff between North Korea and Singapore?

 

[theDoors]

Whats the diff between North Korea and Singapore?

No firing squads?

 

[Devil Within]

I think DBS/POSB should consider MM's suggestion and sell their stake to either UOB or OCBC.

Yes, I agree with you. DBS/POSB should be sold to UOB. DBS are currently run by clowns. Look at the big screw up they have recently. If DBS screw up like this happen on global scale, how to compete with the world's best? Even on local ground, DBS can't outperform UOB's investment profit taking based on % return on capital(if I'm not wrong).

 

[soikee]

I remembered a friend, an ex-UOB banker, he told me that during the pre take-over of OUB, the staffs at UOB saw that Wee Cho Yaw actually walked across the streets from his office to see the Mr Lien of OUB. DBS's bid was considered hostile,and that was why eventually, OUB was taken over by Wee Cho Yaw.

bopian! dbs is the national bank of sg, LL even if they screwed up here and there.

Mr George Lien Ying Chow by then oredi mati so how cud Mr Wee Cho Yaw see him?

Wee Cho Yaw took the trouble to pay Mrs Lien a visit at her residence at Holland Hill
to negotiate UOB's offer to take over OUB and that was how he won Mrs Lien over.

 

[krafty]

dun come here and anyhow spray...

we all know how this GLC management, corporate scholars, a bunch of paper warriors are good at,using their assigned authority and bully the good old man! Pui! They sure get their karma!

http://articles.latimes.com/2004/aug/11/local/me-passings11.2

http://findarticles.com/p/articles/mi_m0WDP/is_2001_July_2/ai_76443822/

A rival contender has emerged to challenge Singapore's largest bank, the Development Bank of Singapore (DBS), in the race to acquire Overseas Union Bank (OUB), the nation's fourth biggest bank.

United Overseas Bank (UOB), the nation's second largest lender, announced Friday an offer to take over OUB for S$10.2 billion (US$5.6 billion).

The cash-and-share offer is higher than the government-linked DBS' unsolicited offer of S$9.4 billion, unveiled last week.

In a joint statement issued by the two banks, OUB welcomed UOB's offer. The statement said OUB's founder, Lien Ying Chow, who owns 15.7% of OUB, has entered into an ''irrevocable undertaking'' to accept the offer.

News reports had said the 95-year-old had been distressed by the news of DBS' hostile bid for OUB.

The combined assets of the two -- UOB's assets of S$66.3 billion and OUB's assets of S$46.6 billion -- would create a total asset base of S$113 billion.

Takeover fever among local banks in Singapore is heating up as the bidding becomes more intense.

The Singapore government has been encouraging banks to merge into two major banks in order to survive fiercer competition from foreign banks amid greater liberalization of the industry.

However, until recently, there has been little movement in this direction as a number of the nation's banks are family-owned and reluctant to relinquish control.

Nevertheless, earlier in June, the third-largest lender, the Oversea-Chinese Banking Corp. (OCBC) announced a takeover bid for Keppel Capital Holdings Ltd., the country's smallest bank.

Mr George Lien Ying Chow by then oredi mati so how cud Mr Wee Cho Yaw see him?

Wee Cho Yaw took the trouble to pay Mrs Lien a visit at her residence at Holland Hill
to negotiate UOB's offer to take over OUB and that was how he won Mrs Lien over.

 

[krafty]

BTW, can anyone confirm of this story, I was told in the beginning when Gov. wanted to start a bank for singaporeans, lien was invited and became the consultant(not sure the designation).

Now if you put the pieces together, can you imagine how treacherous these gov. pple are? 吃碗面，翻碗底(in cantonese)...

 

[soikee]

dun come here and anyhow spray...

U're the one who anyhow sprayed about Wee Cho Yaw who took a walk to OUB building to meet up with George Lien.

At the point of UOB taking over OUB, I again stressed Wee Cho Yaw visited Margaret Lien at her residence at Holland Hill to negotiate the takeover.

At that point of time if George Lien was not dead, he was mentally incapable already!

 

[krafty]

you spray and tua kang, my source is 100% accurate for this.

U're the one who anyhow sprayed about Wee Cho Yaw who took a walk to OUB building to meet up with George Lien.

At the point of UOB taking over OUB, I again stressed Wee Cho Yaw visited Margaret Lien at her residence at Holland Hill to negotiate the takeover.

At that point of time if George Lien was not dead, he was mentally incapable already!

 

[soikee]

you spray and tua kang, my source is 100% accurate for this.

u mean your sauce 100% argh?

simi lang cheow tua kang u peasant!

 

[krafty]

if lien is mentally incapable, then what is this,use some bird brain of yours,sprayer!

Quoted "News reports had said the 95-year-old had been distressed by the news of DBS' hostile bid for OUB."

http://findarticles.com/p/articles/m...2/ai_76443822/

u mean your sauce 100% argh?

simi lang cheow tua kang?

 

[soikee]

if lien is mentally incapable, then what is this,use some bird brain of yours,sprayer!

Quoted "News reports had said the 95-year-old had been distressed by the news of DBS' hostile bid for OUB."

http://findarticles.com/p/articles/m...2/ai_76443822/

hey peasant, I ain't got no time to waste with you.

go back to where you belong!

 

[scroobal]

From dead , you changed the story to mentally incapable. The meeting indeed occurred at OUB Centre and Wee walked across. Lien Ying Chow was frail but lucid. This was after the Paillert / Dhanabalan debacle where DBS paid $1 M each to UOB and OUB for offending them.

Are you the gardener at Holland Hill. You seem to like mentioning the place.

U're the one who anyhow sprayed about Wee Cho Yaw who took a walk to OUB building to meet up with George Lien.

At the point of UOB taking over OUB, I again stressed Wee Cho Yaw visited Margaret Lien at her residence at Holland Hill to negotiate the takeover.

At that point of time if George Lien was not dead, he was mentally incapable already!

 

[lolabunny]

Mr George Lien Ying Chow by then oredi mati so how cud Mr Wee Cho Yaw see him?

Wee Cho Yaw took the trouble to pay Mrs Lien a visit at her residence at Holland Hill
to negotiate UOB's offer to take over OUB and that was how he won Mrs Lien over.

Aah the usual charm of good old Mr Wee. :p The last he walked past me, he was pretty fast for an old guy.