OCBC closes RP broking arm

OCBC closes RP broking arm

SINGAPORE (DPA): The Overseas Chinese Banking Corp. (OCBC) is suspending its Philippine stockbroking operations and re- establishing its broking presence in Malaysia, a statement said on Saturday.

OCBC Securities Philippines said its closure is part of the group's "realignment of its business focus in the region and to optimize deployment of the OCBC Group's financial and management resources".

The brokerage said it will suspend operations on September 30 and asked clients to set up alternative arrangements with other brokerages. The staff will be laid off.

Lawrence Wong, head of investment management at OCBC Bank, Singapore's No. 2 lender by market capitalization, told The Business Times the move is in line with OCBC's plan to focus business developments in Singapore, Malaysia and China.

Wong said there are no plans to suspend operations at the Indonesian broking arm.

Following the suspension of the Philippine operations, OCBC will have stockbroking operations in Singapore, Hong Kong and Indonesia.