Tag Archive: DBS

Jan
06
2012

Fraudulent Withdrawals from DBS Accounts

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by Martin Lee

January 6, 2012

More than $200,000 were illegally withdrawn from some DBS customers this year from ATMs located in Malaysia.

Apparently, someone has managed to clone the ATM card details (including the passwords) and made the withdrawals from Malaysia using the cloned cards.

Currently, there are about 200 customers affected with an average withdrawal of $1000 per account.

DBS is currently investigating the situation and have reassured the public that any monies that were lost will be rightfully refunded within 24 hrs after notification.

You might want to check your DBS/POSB bank balance to see whether you are one of the affected customers. This might be a challenge though as the internet banking service of DBS has been down since last night due to the over-whelming traffic.

And in typical Singapore style, some kaisu Singaporeans have started to withdraw money from their DBS/POSB accounts. Not so much they are afraid of DBS collapsing, but more of concerned that their account might be targeted by the Malaysia withdrawal scam.

There is even an online discussion about a possible bank run on DBS.

I am quite sure the mass withdrawals will not be enough to cause a bank run, but a large outflow of funds can become irritating to DBS.

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Oct
18
2011

DBS Asset Management Ltd renamed Nikko Asset Management Asia Limited

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by Martin Lee

October 18, 2011

DBS Asset Management Ltd (“DBSAM/星展资产管理有限公司”) has been renamed to Nikko Asset Management Asia Limited (“Nikko AM Asia/日兴资产管理亚洲有限公司”) with effect from yesterday.

The renaming follows Nikko AM’s acquisition of DBSAM from DBS Bank Ltd (“DBS”) on September 30, 2011.

As a result, the majority of DBSAM’s funds have been renamed with the prefix “Nikko AM Shenton”.

Nikko AM Asia now comprises the integrated investment capabilities and operations of both DBSAM and NAMS. The enlarged asset manager becomes Nikko AM’s largest center of excellence in South-East Asia, with broad investment management expertise in Asian equities and Asian fixed income.

Nikko AM is one of the largest’s asset managers in Japan with total assets under management of over US$165 billion and was established in 1959.

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Feb
14
2011

DBS Launches Yuan Products

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by Martin Lee

February 14, 2011

Following in the footsteps of HSBC, DBS has launched a series of Renminbi products to cater for the demand for the Chinese currency.

These include fixed deposits and currency-linked investments.

Interestingly, DBS has emphasised on the risks of investing in their Yuan product.

The offshore yuan (CNH) is actually less liquid compared to the onshore Renminib (CNY) and investors could be investing at very wide spreads.

If you are considering investing in a Yuan product (or any other foreign currency fixed deposit for that matter), always compare the spread and not only the interest rates that the bank is offering you.

With CNH spreads going up to as wide as 8%, you will need to be a long term investor to reap the benefits of Yuan appreciation.

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Dec
16
2010

Trade Securities Via OCBC Internet Banking

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by Martin Lee

December 16, 2010

It appears that OCBC now allows their OCBC Securities customers to trade stocks by using their OCBC internet banking login. This can be done by linking the OCBC bank online account to the OCBC Securities trading account.

DBS had done something similar in the past with a linkage which also comes with a cash upfront feature that allows you to buy stocks at 0.18% commission (min $18).

While OCBC does not have this cash upfront feature yet, they are running a promotion (between 24 November 2010 and ends on 31 January 2011) where you can get a $10 commission rebate for every trade made.

Or so I thought (from their advertisements promoting the $10 rebate quite prominently).

ocbc-securities-promotion

According to the terms and conditions, the $10 commission rebate is only applicable for amalgamation of trades.

Amalgamation means putting in multiple buy or sell orders of the same stock on the same day.

So it seems that the commission rebate will not be applicable to single orders. So misleading….

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Dec
14
2010

DBS High Notes Suit Dismissed

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by Martin Lee

December 14, 2010

215 investors of DBS High Notes 5 who lost their money in the complex instrument had their suit against DBS dismissed by High Court Judge Lee Seiu Kin.

The investors had argued that there were inconsistencies in the product’s base prospectus and pricing statement.

Justice Lee agreed with DBS that three of the formulas used by them were completely consistent. While there was a mistake in the fourth, he accepted DBS’s explanation that it was due to an obvious clerical error.

If “clerical mistake” can be used as a defence to wrong information printed on a prospectus, will we ever believe in whatever documents we are given anymore?

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