5 Things You Should Know About OCBC

Ser Jing - Checking in on OCBC's First Quarter Results (pic)The Oversea Chinese Banking Corporation, OCBC (SGX: O39) was founded in 1932, during the Great Depression.

It was formed from the consolidation of three Hokkien banks: Chinese Commercial Bank Limited, the Ho Hong Bank Limited and the Oversea-Chinese Bank Limited in an bid to compete against their larger rivals.

It’s Singapore’s second largest bank by total assets and has over 530 branches in 15 countries and territories, including Singapore, Indonesia (as subsidiary Bank OCBC NISP) Hong Kong, China, the UK, USA, Japan and Australia.

But did you know…

  1. The OCBC Centre was built in 1976, and at 198m it was (briefly) the tallest building in Asia.
  2. In 1948, it was the first to introduce the ‘Night Safe’, allowing customers to deposit cash and valuables after dark and in 1958, created a Mobile Bank system to reach out to those that lived in suburban areas.
  3. OCBC was the first Singaporean bank to open a branch in China (Xiamen) and the only foreign bank to have branches in China in the 1950s.
  4. By 1970, the bank’s total resources exceeded S$1 billion, making it the largest financial institution with the biggest deposit base in Singapore at the time.
  5. OCBC took 2nd place in Bloomberg’s World’s Strongest Banks listing and position 13 in the 2013 Global Finance World’s 50 Safest Banks.

It has also recently brought out a novel personal finance tool, Money In$ights, to allow customers to track their spending and saving, as well as compare themselves to their peers.

The bank’s first quarter profits for 2013, didn’t looked too exciting – it reported profits of $696m, a drop of 16% as compared to the same time last year. It’s current share price is S$11 with a dividend yield is 3.05%.

However, OCBC has plans to ramp up expansion overseas (or should I say ‘oversea’) into the potentially high growth areas of Indonesia and China.

Another dull bank, but as we’ve said before, dull can often be the preferable option!  Click here now for your FREE subscription to Take Stock Singapore, The Motley Fool’s free investing newsletter. Written by David KuoTake Stock Singapore tells you exactly what’s happening in today’s markets, and shows how you can GROW your wealth in the years ahead.

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The Motley Fool’s purpose is to help the world invest, better.  The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore contributor Alison Hunt doesn’t own shares in any companies mentioned.