Its manager, Sabana Real Estate Investment Management Pte Ltd, said
on Wednesday that its trustee, HSBC Institutional Trust Services
(Singapore) Limited, has entered into a sale and purchase agreement with
Ban Teck Han Enterprise Co Pte Ltd for the purpose-built five storey
light industrial building with a mezzanine level. (source)
Showing posts with label singapore. Show all posts
Showing posts with label singapore. Show all posts
Monday, August 13, 2012
SINGAPORE - FINANCE - Sabana Reit to buy Serangoon North property for $61m
www.businesstimes.com.sg -Sabana Shari'ah Compliant Industrial Real Estate Investment
Trust plans to acquire a Serangoon North Ave 5 property for $61 million.
Wednesday, August 01, 2012
SINGAPORE - BANKING - Potential for growth in S'pore
www.todayonline.com - Singapore is challenging established wealth centres more fiercely than
anywhere else in Asia, according to UBS bank and Campden Research. Yet,
in Islamic banking, it lags behind.
Even though Singapore has had Islamic banking since 1995 and there are investments such as the NTUC Income Takaful Fund, banks generally offer only a few choices such as savings and checking accounts. Some banks have far less.
DBS' Islamic Bank of Asia offers corporate banking and asset management, for example, and not consumer products. And when Standard Chartered Bank launched new Islamic financial solutions for private banking clients in June, it did so in London, Geneva, Jersey and Dubai - but not Singapore, where it is still working on regulatory approvals. (source)
Even though Singapore has had Islamic banking since 1995 and there are investments such as the NTUC Income Takaful Fund, banks generally offer only a few choices such as savings and checking accounts. Some banks have far less.
DBS' Islamic Bank of Asia offers corporate banking and asset management, for example, and not consumer products. And when Standard Chartered Bank launched new Islamic financial solutions for private banking clients in June, it did so in London, Geneva, Jersey and Dubai - but not Singapore, where it is still working on regulatory approvals. (source)
Wednesday, July 25, 2012
INDONESIA - REGULATIONS - Bank Indonesia’s Ownership Rule May Speed Up Mergers
www.thejakartaglobe.com - Fitch Ratings says the central bank’s new rule on bank ownership will
likely expedite banking consolidations but will pose challenges for
smaller lenders.
A day after Bank Indonesia announced its new rule to cap the ownership of banks to 40 percent from 99 percent, Fitch said in a report on Thursday that “the risk of failing to maintain the Bank Indonesia criteria may be more pronounced at small- to medium-sized banks facing undue business pressure.”
“This is notably because of a concentrated shareholding structure, especially family-owned, which has been cited as one factor behind bank failures in Indonesia in the past,” the rating agency wrote.
The rule is expected to set a clear platform for future bank acquisitions, as Indonesia has been coaxing its 120 commercials lenders to consolidate through mergers and acquisitions, hoping to help them better compete with regional peers. (source)
A day after Bank Indonesia announced its new rule to cap the ownership of banks to 40 percent from 99 percent, Fitch said in a report on Thursday that “the risk of failing to maintain the Bank Indonesia criteria may be more pronounced at small- to medium-sized banks facing undue business pressure.”
“This is notably because of a concentrated shareholding structure, especially family-owned, which has been cited as one factor behind bank failures in Indonesia in the past,” the rating agency wrote.
The rule is expected to set a clear platform for future bank acquisitions, as Indonesia has been coaxing its 120 commercials lenders to consolidate through mergers and acquisitions, hoping to help them better compete with regional peers. (source)
Friday, July 20, 2012
INDONESIA - REGULATIONS - Indonesia's new bank rules may not hit Maybank, CIMB
www.btimes.com.my - KUALA LUMPUR:Indonesia's central bank has
issued new rules limiting single ownership in domestic banks at 40 per
cent but allows exemptions that could let Malaysia's top two lenders
hold on to their controlling stakes in banks there.
Bank Indonesia, in a statement on Wednesday, said public-listed
financial institutions will be allowed to keep their current ownership
structures in Indonesian banks, provided they maintain high levels of
corporate governance and financial health, including a tier-1 capital
ratio of over six per cent.
From December 2013, those that see their corporate governance and financial health ratings fall to unacceptable levels for three consecutive reporting periods will have to sell their stakes down to the new limit. (source)
From December 2013, those that see their corporate governance and financial health ratings fall to unacceptable levels for three consecutive reporting periods will have to sell their stakes down to the new limit. (source)
Wednesday, June 27, 2012
INDONESIA - REGULATIONS - DBS Indonesia Deal May Dodge New Bank Ownership Rules
www.thejakartaglobe.com - The gloom surrounding DBS Group’s $7.2 billion bid for Indonesia’s Bank
Danamon is giving way to renewed optimism, with signals from the central
bank in Jakarta on Tuesday suggesting the Singapore lender’s takeover
may just scrape through.
Southeast Asia’s biggest banking takeover bid was thrown into limbo in April, when Bank Indonesia (BI) announced it would not approve the deal to buy its sixth-biggest lender until it had published new regulations to cap ownership stakes in banks.
The central bank says it wants to prevent its lenders falling captive to single interests and ensure they have a diverse shareholder base holding management to account. (source)
Southeast Asia’s biggest banking takeover bid was thrown into limbo in April, when Bank Indonesia (BI) announced it would not approve the deal to buy its sixth-biggest lender until it had published new regulations to cap ownership stakes in banks.
The central bank says it wants to prevent its lenders falling captive to single interests and ensure they have a diverse shareholder base holding management to account. (source)
Monday, June 25, 2012
MALAYSIA - CAPITAL MARKETS - Bursa Malaysia losing its glitter
www.thesundaily.com - PETALING JAYA (June 25, 2012): Once considered the
third-largest market in Asia after Tokyo and Hong Kong during the 1990s,
Bursa Malaysia now needs to do more or risk falling further behind its
competitors, analysts warned.
They said it's not enough to pay lip service to the goal of developing Bursa Malaysia into an attractive and competitive exchange in the region, but not act on it.
"In the early 1990s, Bursa Malaysia (then known as Kuala Lumpur Stock Exchange) used to be on par with Singapore's stock exchange (in terms of vibrancy). Back then, volume in the Singapore stock market was very much dependent on Malaysia when investors in Singapore were allowed to trade Malaysian shares on the CLOB (Central Limit Order Book system) market," said an analyst. (source)
They said it's not enough to pay lip service to the goal of developing Bursa Malaysia into an attractive and competitive exchange in the region, but not act on it.
"In the early 1990s, Bursa Malaysia (then known as Kuala Lumpur Stock Exchange) used to be on par with Singapore's stock exchange (in terms of vibrancy). Back then, volume in the Singapore stock market was very much dependent on Malaysia when investors in Singapore were allowed to trade Malaysian shares on the CLOB (Central Limit Order Book system) market," said an analyst. (source)
Friday, June 15, 2012
SINGAPORE - ARTICLE - Is There Room for Singapore to be an Islamic Finance Hub?
www.businessislamica.com - Islamic finance was marked with exponential developments globally
over the three last decades, spurring enormous demand for
Shari’ah-compliant schemes. Although relatively new, Islamic finance
has, ever since inception in the late 1960s (Halabi. et.al. 2004),
proven to be one of the fastest growing elements of the global financial
system. According to the Global Islamic Finance Report 2011, the
Islamic finance industry reached $1.14 trillion in total value of assets
and has been consistently growing at an average rate of 10%. In
addition, there are over 300 Islamic financial institutions that are
operating in about 75 countries across the globe, comprising of banking,
takaful and capital market sectors.
Interestingly, the attention for Islamic finance is not only coming from Muslim countries but also from non-Muslim ones as well. Indeed, some non-Muslim countries are aiming at becoming the hub for Islamic finance. Hongkong for example aspires to be an Islamic finance gateway to China, while the UK aims to entrench London as a global gateway for Islamic finance. Last but not least, Singapore also aspires to be the main center for Islamic finance in Asia. This article tries to further analyze on the future development of Islamic finance in Singapore. (source)
Interestingly, the attention for Islamic finance is not only coming from Muslim countries but also from non-Muslim ones as well. Indeed, some non-Muslim countries are aiming at becoming the hub for Islamic finance. Hongkong for example aspires to be an Islamic finance gateway to China, while the UK aims to entrench London as a global gateway for Islamic finance. Last but not least, Singapore also aspires to be the main center for Islamic finance in Asia. This article tries to further analyze on the future development of Islamic finance in Singapore. (source)
Friday, June 08, 2012
SINGAPORE - SPEECHES - WIBC Singapore 2012
The Next Phase in Islamic Finance
Ravi Menon
Managing Director, Monetary Authority of Singapore
Opening Address at the 3rd Annual World Islamic Banking Conference: Asia Summit
Grant Hyatt Singapore
5 June 2012
Dr Ahmad Mohamed Ali Al-Madani, President, Islamic Development Bank,
Your Excellencies, distinguished guests, ladies and gentlemen, good morning.
And to all our foreign guests, a warm welcome to Singapore.
An Increasingly Difficult ConjunctureYour Excellencies, distinguished guests, ladies and gentlemen, good morning.
And to all our foreign guests, a warm welcome to Singapore.
We are meeting here for the 3rd Annual World Islamic
Banking Conference Asia Summit, at a time of increasing stress in the
global economy and financial system. (source)
SINGAPORE - EVENTS - Islamic banks 'can fill funding gap': S’pore Monetary Authority
www.thejakartaglobe.com -Islamic banks are priming themselves to capture a larger share
of the global trade and project financing market, as European banks pull
back funds to mend balance sheets back home.
Thursday, May 31, 2012
CHINA - BANKING - Alkhair International Islamic Bank eyes opportunities in Shanghai and Great Eastern Takaful looking Indonesia, Brunei, Singapore and China
www.cpifinancial.net - The bank’s Chairman, Datuk Kamaruddin Taib, revealed to Islamic Business & Finance that he will be flying to Shanghai tomorrow (1 June) to take a closer look at a prospect in China’s most populous city. (source)
Saturday, April 28, 2012
INDONESIA - BANKING - Maybank Islamic eyes region
www.thestar.com.my - THE buzz of activity at Maybank Islamic Bhd is a sign that's most welcome to its CEO Muzaffar Hisham.
It is the largest Islamic bank in the country which had seen assets
grow to US$23bil (RM70.32bil) at the end of last year and the hectic
movement within the corridors of the bank is an indication of the
momentum it has built.
Having built its position through the Islamic window at parent Malayan Banking Bhd's branches, Maybank Islamic is now looking to branch out its success formula into the region.
Looking at a wider regional perspective, Muzaffar says there are still pockets of opportunities for the bank to expand and grow its presence.
“The key markets that we like to focus on are Singapore and Indonesia, and we saw that when we were able to grow our cross-border financing to Indonesia to US$500mil to US$600mil from basically nil after changes in the tax structure,” he says. (source)
Having built its position through the Islamic window at parent Malayan Banking Bhd's branches, Maybank Islamic is now looking to branch out its success formula into the region.
Looking at a wider regional perspective, Muzaffar says there are still pockets of opportunities for the bank to expand and grow its presence.
“The key markets that we like to focus on are Singapore and Indonesia, and we saw that when we were able to grow our cross-border financing to Indonesia to US$500mil to US$600mil from basically nil after changes in the tax structure,” he says. (source)
Monday, April 23, 2012
SINGAPORE - BANKING - Mandiri Syariah opens up remittance services in Singapore
www.bisnis.com - JAKARTA: PT Bank
Syariah Mandiri Indonesia launched the Transfer Funds For Beloved, a product delivery
or remittance of money from Singapore to Indonesia.
In a Transfer of Funds for Indonesia Beloved (DUIT), Bank Syariah Mandiri (BSM) in collaboration with the Mass Express Pte, Ltd., sebuiah local remittance companies in Singapore.
Through this product, labor Indonesia (TKI) working in Singapore can send money to families in the homeland, which can be accepted at all bank branches and post office network, in just a few minutes.
In a press release received by Business, grand product launch was held in Singapore Indonesian School is located at Siglap Road, Singapore today. (source)
In a Transfer of Funds for Indonesia Beloved (DUIT), Bank Syariah Mandiri (BSM) in collaboration with the Mass Express Pte, Ltd., sebuiah local remittance companies in Singapore.
Through this product, labor Indonesia (TKI) working in Singapore can send money to families in the homeland, which can be accepted at all bank branches and post office network, in just a few minutes.
In a press release received by Business, grand product launch was held in Singapore Indonesian School is located at Siglap Road, Singapore today. (source)
Tuesday, April 10, 2012
INDONESIA - BANKING - DBS Told 80% Is Cap for Indonesia's Bank Danamon
www.thejakartaglobe.com - DBS Group Holdings, Southeast Asia’s largest bank, must sell shares of Bank Danamon Indonesia back to the public if it owns more than 80 percent of the lender after a takeover, according to the Indonesian bourse.
DBS offered to buy Jakarta-based Danamon for about $7.2 billion on April 2 in the biggest takeover by a Southeast Asian lender.
The bank would pay Singapore’s Temasek Holdings Rp 45.2 trillion ($4.9 billion) in new shares for its 67 percent stake and buy the remaining stock from other shareholders for Rp 21.2 trillion in cash. (source)
DBS offered to buy Jakarta-based Danamon for about $7.2 billion on April 2 in the biggest takeover by a Southeast Asian lender.
The bank would pay Singapore’s Temasek Holdings Rp 45.2 trillion ($4.9 billion) in new shares for its 67 percent stake and buy the remaining stock from other shareholders for Rp 21.2 trillion in cash. (source)
Saturday, April 07, 2012
INDONESIA - BANKING - Danamon Announces Sale of Shares by FFH to DBS (press release)
www.danamon.co.id - press release - PT Bank Danamon Indonesia, Tbk, (‘Danamon’ or the “Company”) has been informed by Fullerton Financial Holdings Pte. Ltd. (“FFH”), that it has entered into a share purchase agreement with DBS Group Holdings (“DBS”) to sell its interest in the whole of the issued share capital of Asia Financial (Indonesia) Pte. Ltd. (“AFI”) to DBS. AFI holds approximately 67.37% of the total issued shares of the Company. The transaction is subject to the approvals, among others, of DBS shareholders and regulators, including Bank Indonesia.
Danamon shareholders should refer to the DBS announcement dated 2 April 2012 that DBS will launch a Mandatory Tender Offer (MTO) to acquire the remaining listed shares from the other Shareholders of Danamon for a cash offer price of IDR 7,000, - per share. (source)
Danamon shareholders should refer to the DBS announcement dated 2 April 2012 that DBS will launch a Mandatory Tender Offer (MTO) to acquire the remaining listed shares from the other Shareholders of Danamon for a cash offer price of IDR 7,000, - per share. (source)
Friday, April 06, 2012
INDONESIA - BANKING - DBS may see Danamon bid delayed
www.thejakartapost.com - Regulators may use DBS Bank's bid for Indonesia's Bank Danamon as a bargaining chip and delay approval until Singapore agrees to offer reciprocal access to its banking sector.
Bank Indonesia (BI) governor Darmin Nasution and his deputy Muliaman Hadad said on Wednesday that they wanted to use DBS' bid to acquire the Indonesian bank, in which Temasek Holdings has a majority stake, to start negotiations on the matter.
If it goes through, the $9.1 billion acquisition, DBS' largest ever, will propel the Singapore bank to being the No. 5 lender in Indonesia, one of the hottest emerging markets. (source)
Bank Indonesia (BI) governor Darmin Nasution and his deputy Muliaman Hadad said on Wednesday that they wanted to use DBS' bid to acquire the Indonesian bank, in which Temasek Holdings has a majority stake, to start negotiations on the matter.
If it goes through, the $9.1 billion acquisition, DBS' largest ever, will propel the Singapore bank to being the No. 5 lender in Indonesia, one of the hottest emerging markets. (source)
Thursday, April 05, 2012
INDONESIA - CAPITAL MARKETS - Danamon Takeover Lifts Indonesia's JCI to All-Time High
www.thejakartaglobe.com - Indonesia’s benchmark stock index closed at an all-time high on Tuesday, boosted by Bank Danamon Indonesia’s shares, which resumed trading following a record buyout offer from Singapore’s DBS Group.
The Jakarta Composite Index gained 49.37 points, or 1.2 percent, to 4,215.44. That eclipsed the last record closing high, set on Aug. 1 at 4,193.44.
The stock measure’s biggest gainer was Danamon, up 39 percent at Rp 6,400, its highest close since March 23, 2011. DBS is set to acquire all of Danamon in one of Indonesia’s biggest takeover deals. Danamon was suspended from trading on Monday. (source)
The Jakarta Composite Index gained 49.37 points, or 1.2 percent, to 4,215.44. That eclipsed the last record closing high, set on Aug. 1 at 4,193.44.
The stock measure’s biggest gainer was Danamon, up 39 percent at Rp 6,400, its highest close since March 23, 2011. DBS is set to acquire all of Danamon in one of Indonesia’s biggest takeover deals. Danamon was suspended from trading on Monday. (source)
INDONESIA - BANKING - Indonesian Politicians Criticize Bank Danamon Takeover Bid
www.thejakartaglobe.com - Lawmakers from two of Indonesia’s most powerful political parties voiced opposition on Tuesday to a bid by Singapore’s DBS Group to takeover local lender Bank Danamon, and said they wanted to bar heavy foreign ownership of local banks.
But they signaled they may not be able to stop the $7.2 billion deal that would be the largest ever foreign takeover in Southeast Asia’s biggest economy, at least for now.
Local investors and bankers in Jakarta also told Reuters they would lobby against the bid by DBS, even though there seemed to be no regulatory obstacles. Several complained Indonesian banks were not given a level playing field overseas. (source)
But they signaled they may not be able to stop the $7.2 billion deal that would be the largest ever foreign takeover in Southeast Asia’s biggest economy, at least for now.
Local investors and bankers in Jakarta also told Reuters they would lobby against the bid by DBS, even though there seemed to be no regulatory obstacles. Several complained Indonesian banks were not given a level playing field overseas. (source)
INDONESIA - BANKING - Real Battle in DBS Purchase Of Danamon Has Just Begun
www.thejakartaglobe.com - While Singapore’s DBS Group Holdings awaits approval from Indonesian authorities for its multibillion dollar purchase of a controlling stake in Bank Danamon, the real battle is just starting.
Some lawmakers are raising the issue of a reciprocal principle in investment with Singapore and limitations on foreign ownership in local lenders.
Harry Azhar Azis, a deputy chairman of House of Representatives Commission XI, which oversees banking, told the Jakarta Globe on Wednesday that the House was preparing a draft revision of the 2009 Banking Law that would require reciprocal treatment. (source)
Some lawmakers are raising the issue of a reciprocal principle in investment with Singapore and limitations on foreign ownership in local lenders.
Harry Azhar Azis, a deputy chairman of House of Representatives Commission XI, which oversees banking, told the Jakarta Globe on Wednesday that the House was preparing a draft revision of the 2009 Banking Law that would require reciprocal treatment. (source)
INDONESIA - BANKING - Bank Danamon Purchase Sparks New Battle
www.thejakartaglobe.com - As Singapore’s DBS Group awaits approval from Indonesian authorities for its multibillion dollar purchase of a controlling stake in Bank Danamon, the real battle is just beginning.
Some lawmakers have raised the idea of a reciprocal principle in investment with Singapore and limitations on foreign ownership.
Harry Azhar Azis, a deputy chairman of House of Representatives Commission XI, which oversees banking, said on Wednesday that the House was preparing a draft revision of the 2009 Banking Law that would require Indonesian lenders to be given the same privileges in Singapore as those offered to Singaporean companies here. (source)
Some lawmakers have raised the idea of a reciprocal principle in investment with Singapore and limitations on foreign ownership.
Harry Azhar Azis, a deputy chairman of House of Representatives Commission XI, which oversees banking, said on Wednesday that the House was preparing a draft revision of the 2009 Banking Law that would require Indonesian lenders to be given the same privileges in Singapore as those offered to Singaporean companies here. (source)
INDONESIA - BANKING - Bank Danamon Purchase Sparks New Battle
www.thejakartaglobe.com - As Singapore’s DBS Group awaits approval from Indonesian authorities for its multibillion dollar purchase of a controlling stake in Bank Danamon, the real battle is just beginning.
Some lawmakers have raised the idea of a reciprocal principle in investment with Singapore and limitations on foreign ownership.
Harry Azhar Azis, a deputy chairman of House of Representatives Commission XI, which oversees banking, said on Wednesday that the House was preparing a draft revision of the 2009 Banking Law that would require Indonesian lenders to be given the same privileges in Singapore as those offered to Singaporean companies here. (source)
Some lawmakers have raised the idea of a reciprocal principle in investment with Singapore and limitations on foreign ownership.
Harry Azhar Azis, a deputy chairman of House of Representatives Commission XI, which oversees banking, said on Wednesday that the House was preparing a draft revision of the 2009 Banking Law that would require Indonesian lenders to be given the same privileges in Singapore as those offered to Singaporean companies here. (source)
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