Billionaire Wee Family's UOB Jumps To Record As Singapore Bank Mulls Share Buyback [Forbes]
UNITED OVRSEAS BK S/ADR (UOVEY)
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Source: Forbes
Shares of Singapore-based United Overseas Bank surged to a record high on Friday after its billionaire CEO Wee Ee Cheong said they are considering returning excess capital to shareholders on the back of the lender's robust earnings. “We will consider a higher dividend or whatever it is” as part of capital management initiatives, Wee said at the bank's quarterly earnings media briefing. UOB shares jumped 7.2 % to close at a record high of S$35.69 in Singapore trading. Chief financial officer Lee Wai Fai said UOB has an excess capital of as much as S$2.5 billion ($1.9 billion) that it could return to shareholders in the form of higher dividend payouts or share buybacks. Singapore's third-largest lender by market value is considering returning excess capital after bigger rival DBS Group announced a S$3 billion share repurchase program yesterday. Besides the capital return, UOB may also consider deploying the excess capital to fund growth opportunities such as potential acquisition
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