OCBC prefers stock

OCBC strengthens its capital base with a planned preference share issue.

OCBC Bank announced plans to issue up to S$500 million $305 million of guaranteed preference shares yesterday January 13, in a move aimed a further strengthening its already robust capital base. The issue will qualify as tier 1 capital for the bank and be subordinate to deposits and other debts but above the bank's straight equity.

Like most preference shares, the new issue's dividends can be restricted in certain circumstances, mainly if the bank's capital...

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