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Note: ASIAMONEY is pleased to announce the winners of the best domestic bank awards for Singapore. OCBC seizes the limelight for its growth into new lending areas and acquisition of ING's private bank assets, while DBS wins our other two awards for impressive equity and debt franchises.
BEST DOMESTIC BANK
OCBC
For many years, UOB has been an analyst favourite for this award, but the nods have shifted in favour of Oversea-Chinese Banking Corp. (OCBC).
The change in preference makes sense. OCBC has been making clear inroads in areas dominated by its larger rivals such as aggressively pursuing small and medium enterprise business and attracting retail deposits.
It has also articulated a strong vision for regional expansion in Malaysia, Indonesia and China, which observers say will put it in good stead in the years to come.
But these gradual moves pale in comparison to its bold initiative to buy over ING's Asian private banking assets. The bank came under fire for the US$1.5 billion price tag which many bemoan as being too expensive but it now boasts a pan-Asian wealth management franchise that its rivals lack.
Analysts say that their shift is not a criticism of UOB it is simply recognition that OCBC has surpassed expectations....