Clifford Chance

Clifford Chance advises on OCBC's S$3.37 billion rights issue

Leading international law firm Clifford Chance has advised the joint global coordinators, Merrill Lynch (Singapore) Pte. Ltd., the Hongkong and Shanghai Banking Corporation Limited, Singapore Branch and J.P. Morgan (S.E.A.) Limited, as the joint lead managers and underwriters on Oversea-Chinese Banking Corporation Limited's (OCBC) renounceable rights issue of up to 440,047,710 rights shares at an issue price of S$7.65 totalling S$3.37 billion (US$ 2.7 billion). 

Capital markets partner Raymond Tong, who led on the deal said, "We were delighted to assist on this successful rights issue, the largest equity raising in the Singapore market this year."

Raymond was supported by counsel Bin Wern Sern, senior associate Ying Chiang and associate Eugenia Tan. US legal advice was provided by partner Johannes Juette and counsel Paul Kuo.

OCBC, the longest established Singapore bank, is now the second largest financial services group in Southeast Asia by assets.