August 18, 2014 / 6:32 AM / 3 years ago

OCBC says capital base will be 'robust' after rights issue

SINGAPORE, Aug 18 (Reuters) - Oversea-Chinese Banking Corp said on Monday that it will be well capitalised after raising S$3.37 billion ($2.7 billion) via a rights issue following its acquisition of Hong Kong’s Wing Hang Bank .

The bank’s Chief Financial Officer Darren Tan said that the bank’s common tier 1 capital ratio will be 13.2 percent after the rights issue. Once the new Basel III bank capital rules are fully implemented, the bank’s tier one ratio in line with the new regulation will be 10.2 percent, he added.

“OCBC Bank’s capital position will remain robust post-acquisition,” Tan said at a news briefing via a video link from Hong Kong.

The bank announced the rights issue earlier on Monday. (1 US dollar = 1.2441 Singapore dollar) (Reporting by Saeed Azhar; Writing by Rachel Armstrong)

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