Another Bank Going Down

[Roh96]

Testing my luck. Bot some Citi share yesterday at $3 plus. Don't think US gov will let this giant fall.

[Picanto]

you are too naive. which bank in spore dun have capacity to pay their customers if he/she deposit millions? where you get this idea of delay tactics?

[Devilmaycry]

As confirm by the docs, she is mentally fine and healthy but still the bank insist on not paying.

[Kenneth_06]

then why dun want to pay?

[Kenneth_06]

if it falls like the lehman brothers.. then u hor say liaoz

[Chongster]

At this rate, only sperm and egg bank will be the only ones standing.

 

Predict next on my list is OCBC....at this rate if they insist on freezing the old lady 8.8 million. Bet they don't have the capacity to pay her back...delay tactics.

 

i think they are just being very cautious. esp. with all those chinese kidnapping scams around. kudos to ocbc.

[Devilmaycry]

OCBC's Q3 profit falls 13% to $402m

 

OCBC Bank yesterday posted a 13 per cent drop in third-quarter net profit to $402 million as provisions or allowances for bad loans surged. Against the second quarter, net profit was down 6 per cent.

 

The second local bank to post sombre results, it warned of rough times ahead. Chief executive David Conner said that given the current global financial crisis, OCBC is maintaining its strong capital position.

 

The bank has not done any share buybacks for several quarters and 'frankly we're maintaining our capital; one, in previous quarters, because we've seen significant loan growth and two, now, frankly because it's wise to hang on to the capital given the potential for a difficult period going forward'.

 

Last week, UOB said that third-quarter 2008 net profit fell 5.1 per cent to $475 million from a year ago on volatile financial markets and higher impairment charges.

 

Speaking at a press conference, Mr Conner also said that he did not think that the hammering that OCBC has taken in its stock price will result in it being acquired.

 

Related article:

 

 

'The reality is the Lee family have a pretty sizeable controlling position in OCBC and they have said repeatedly it's not for sale,' he said.

 

It's not for sale...so am asking who's approaching the banks?

[Zanter]

Cos many retirements funds are mandated not to invest in any company whose share price is bellow $5. If it keep belloe 5 for long it will drop to...Zero

[Zanter]

Testing my luck. Bot some Citi share yesterday at $3 plus. Don't think US gov will let this giant fall.

 

Yeah you r rite, they wont let this bank fall, they will just nationalise it like Fannie Mae & freddie Mac

[Bobnah]

my heart bleeds knowing our country's investment in the various banks drop just like that.

 

unfortunate bad times like this hit hard, I dont think any previous investment make. but they still have to invest to grow the money.

[Rickster]

last time ppl said having a sheetybank saving account very big deal coz need min 5K...is it so hard to save 5K? anyway now look at the bank.....still very big deal bank?

 

Not only that...2 years ago when i was starting my own company, I had wanted a sheetybank corporate account. Guess what..they require a freaking $100KSGD to set up!!! In the end i go UOB. only $1K

[Bobnah]

lenders may assign their rights, but borrowers cannot.

 

even if the lenders is put under receivership, it is the duty of the liquidators to collect all debts and pay off the creditors and depositors and final proceeds to the shareholders.

 

borrowers cannot run.....................................

 

yes, lenders are like King now. set their terms. Cash is king !

Borrowers will be at their mercy, borrow no money. cash flow problem => collapse, peng san...