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Hong Kong Court Rules Against OCBC in Mis-Selling
Hong Kong’s High Court ruled against Oversea-Chinese Banking Corp.’s private bank in a mis-selling case, saying the unit and a relationship manager had breached their contractual duty towards an elderly couple who lost money on investments made with ING Asia Private Bank.
The court said Bank of Singapore and banker Yvetti Chau Kwan-siu had failed “to exercise reasonable care and skill” in assessing the couple’s investment objectives and risk appetite.
Bank of Singapore is a Singapore-based private banking arm of OCBC Bank. Formerly known as ING Asia Private Bank, it was acquired by OCBC in 2010. The combined private banking businesses of IAPB and OCBC was subsequently named Bank of Singapore. The products and services include those offered by OCBC, such as Consumer Banking, Corporate Banking, Commercial and Real Estate Lending, Treasury Services, Investment Banking, Transaction Banking, and Stock Broking Service.
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