Stock Market Today : OCBC cites compliance burden as reason to expand private bank.

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SINGAPORE (Nov 2): Oversea-Chinese Banking Corp’s Chief Executive Officer Samuel Tsien said surging consistence expenses are one variable prodding him to extend his Asian riches administration business when some abroad contenders are withdrawing.

That is on the grounds that the quickly growing expenses of conforming to hostile to tax evasion, charge consistence, and other administrative necessities – ascending by 35% yearly over the entire bank – should be spread out crosswise over however many expense producing customers as could be expected under the circumstances, as per Tsien.

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