OCBC Bank

OCBC Bank | Buy

Target Price: S$14.95

March 22 close: S$13.26

UOB Kay Hian, March 22

We are encouraged to see OCBC embarking on many IT initiatives to improve operating efficiency. It has set up an in-house unit with an initial investment of S$10 million to develop artificial intelligence capabilities for wealth advisory and loan financing.

OCBC's retail customers are now able to perform day-to-day banking and make cashless payments using their voice. OCBC has also built two software programmes utilising robotic process automation technologies for deployment in consumer secured lending and finance.

OCBC's new regional data centre, purpose-built to prevent security breaches from cyberattacks, was fully operational since Q3 2017. The impending initial public offering or trade sale of its 30 per cent stake in Great Eastern Life Assurance (Malaysia) in Q4 2018 to comply with limits on foreign ownership is another catalyst.

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