OCBC’s results wrap up Singapore’s latest bank earnings season where local rivals DBS Group Holdings Ltd and United Overseas Bank Ltd also suffered from lower fees managing rich clients’ funds. — Bloomberg
SINGAPORE: Asia millionaires’ reduced risk appetite is hitting Singapore banks at a time when they are welcoming more funds than ever from the wealthy.
Lenders in the city-state, that’s seen as a safe haven, are seeing less fees from these customers who are shying away from taking bets in the markets amid US-China tension and an uncertain economic outlook.
