OCBC closes RP broking arm<\/p>\n
SINGAPORE (DPA): The Overseas Chinese Banking Corp. (OCBC) is
\nsuspending its Philippine stockbroking operations and re-
\nestablishing its broking presence in Malaysia, a statement said
\non Saturday.<\/p>\n
OCBC Securities Philippines said its closure is part of the
\ngroup's \"realignment of its business focus in the region and to
\noptimize deployment of the OCBC Group's financial and management
\nresources\".<\/p>\n
The brokerage said it will suspend operations on September 30
\nand asked clients to set up alternative arrangements with other
\nbrokerages. The staff will be laid off.<\/p>\n
Lawrence Wong, head of investment management at OCBC Bank,
\nSingapore's No. 2 lender by market capitalization, told The
\nBusiness Times the move is in line with OCBC's plan to focus
\nbusiness developments in Singapore, Malaysia and China.<\/p>\n
Wong said there are no plans to suspend operations at the
\nIndonesian broking arm.<\/p>\n
Following the suspension of the Philippine operations, OCBC
\nwill have stockbroking operations in Singapore, Hong Kong and
\nIndonesia.<\/p>",
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