OCBC to Stop Russia-Linked Transactions to Cut Risk
- Bank sees more complex regulatory landscape regarding Russia
- New measure covers all OCBC units including its private bank
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Oversea-Chinese Banking Corp. will stop handling transactions involving Russia as it moves to cut exposure to the nation hit with global sanctions.
Singapore’s second-largest lender has told customers, including private bank clients, in recent weeks that the restrictions will kick in from Nov. 1, according to a person with knowledge of the matter. OCBC cited operational challenges in managing regulatory compliance, the person said, asking not to be identified as the matter isn’t public.