Oversea-Chinese Banking Corp. Ltd. reported unaudited consolidated earnings results for the third quarter nine months ended September 30, 2009. For the quarter, the company has posted net interest income of SGD 689 million compared to $684 million for the same period a year ago. Profit before income tax was SGD 552 million compared to SGG 491 million for the same period a year ago. Profit attributable to company was SGD 487 million or 14.1 cents compared to SGD 446 million or SGD 12.9 cents for the same period a year ago. Net cash generated in operating activities was SGD 3,516 million compared to net cash used in operating activities of SGD 506 million for the same period a year ago. Purchases of debt and equity securities was SGD 1,245 million compared to SGD 1,489 million for the same period a year ago. Purchases of property, plant and equipment and investment property was SGD 78 million compared to SGD 52 million for the same period a year ago. For the nine months, the company has posted net interest income of SGD 2,138 million compared to $2,000 million for the same period a year ago. Profit before income tax was SGD 1,915 million compared to SGD 1,764 million for the same period a year ago. Profit attributable to company was SGD 1,603 million or 45.2 cents compared to SGD 1,519 million or SGD 46.0 cents for the same period a year ago. Net cash generated in operating activities was SGD 2,265 million compared to net cash used in operating activities of SGD 2,174 million for the same period a year ago. Purchases of debt and equity securities was SGD 2,270 million compared to SGD 3,708 million for the same period a year ago. Purchases of property, plant and equipment and investment property was SGD 152 million compared to SGD 158 million for the same period a year ago.

Oversea-Chinese Banking Corp. Ltd. has plans to expand its private bank. The bank announced that it would expand its private bank into new markets such as the Middle East and Europe.

Sources said that new potential buyers have emerged after attempts to sell PacificMas Bhd’s insurance business fell through last year. A source said, “These parties comprise three foreign companies and one local entity. The foreign parties are from the financial services sector. It is understood that they have hired local investment banks to look into the potential acquisition but they have yet to talk to PacMas about the potential acquisition. Once the companies decide that they want to buy the asset, then they will approach PacMas and both parties will have to seek Bank Negara Malaysia's approval to start talks.” Oversea-Chinese Banking Corp. Ltd. (OCBC) has given strong indications that it wants to sell PacMas' insurance business rather than merge its insurance businesses. Meanwhile, according to another source, OCBC has requested for a time extension from Bank Negara to dispose of the insurance business of PacMas. “A request was submitted recently. The deadline for the disposal of PacMas' insurance business is some time in the middle of this month,” said a source familiar with the matter. The source added, “OCBC has been keeping the central bank up to date with its efforts to find buyers and it has not been sitting on the sale. It's just that the timing was not that great, as it had to sell at a time when the business environment to land a fair sale was clouded by the global financial crisis. As things are slowly turning around now, the likelihood of selling its insurance arm at the price they believe that's fair is higher.” Previously, the interested parties for the insurance business of PacMas included EON Capital Bhd, OSK Holdings Bhd and Usaha Tegas Sdn. Bhd. It is understood that all the talks fell through because of pricing issues. The major shareholder in PacMas has indicated that it wants to sell its insurance arm at a premium, but assured that it will be at a fair price. As at March 31, 2009, the net book value of the insurance business stood at MYR 123 million.