 » What's Going On? | | |  LIVE IT LOUD? 06-11-2009 06:48 PM 17-11-2009 04:39 PM 7 Replies, 1,041 Views | |  | | 
10-08-2009, 02:05 PM
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#1 (permalink)
| | PSP Advisor
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Total SGC$: 9,430.97 | HK investors protest DBS
HONG KONG - ABOUT 100 Hong Kong investors burned by complex financial products linked to failed US investment bank Lehman Brothers protested on Sunday, demanding securities regulators help them negotiate a settlement.
Tens of thousands of retail investors in this Chinese-ruled financial hub were hit by Lehman's collapse in September.
Hong Kong securities regulators announced a settlement deal last month for one group of investors who purchased certain Lehman-linked products through local banks, but the agreement did not cover products sold by Singaporean bank DBS Group Holdings.
Sunday's protesters were demanding securities regulators step in to strike a deal for DBS clients. The demonstrators bought so-called 'Constellation' notes from DBS - financial products that are linked to the credit ratings of a group of financial institutions, including Lehman.
About 6,900 Hong Kongers bought HK$2.3 billion (S$427 million) worth of the failed investments, according to K.C. Lok, an organiser of the disgruntled investors.
'DBS lacks a conscience', 'DBS is a swindler', the protesters chanted at a park in Hong Kong's downtown Central financial district.
Lok, who bought just over HK$100,000 in the Constellation notes, accused DBS of misleading its customers into believing the financial products were conservative investments.
'Many of the investors shifted their money from timed deposits,' Mr Lok said.
DBS Hong Kong spokeswoman Glendy Chu said on Sunday that the bank had explained the risks of the products and offered compensation to investors in cases where there was evidence of questionable sales practices.
The deal announced last month would see 16 local banks returning 60 or 70 per cent of the principal to thousands of investors in a payout that amounts to HK$6.3 billion. -- AP http://www.straitstimes.com/Breaking...7.html?vgnmr=1
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10-08-2009, 02:50 PM
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#2 (permalink)
| | Addicted SGClubber
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Total SGC$: 1,522.90 | Re: HK investors protest DBS
This is the worst bank even in Singapore in my opinion, lousy service, lousy attitude, good for nothing bank. Of cos it couldn't fare better in HK. I hope this kind of rubbish bank close down for good.
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10-08-2009, 03:59 PM
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#3 (permalink)
| | wa jin siang sim ):
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Total SGC$: 36,937.07 | Re: HK investors protest DBS
our DBS bank ? hahaha...
my relative, he just open an account at DBS to save money...then during the Lehman Brothers Minibond crisis, he go bank wanted to close account and take the money...the DBS fellow die die say my relative has invested in DBS High Notes 5 ... -_- long story cut short, money was taken back eventually after the DBS fellow act act call the HQ then say its a mistake bla bla bla whatever excuses
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10-08-2009, 06:31 PM
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#4 (permalink)
| | SGC Duck
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Total SGC$: 892.73 | Re: HK investors protest DBS
their ibanking system was pretty good
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10-08-2009, 08:48 PM
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#5 (permalink)
| | Addicted SGClubber
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Total SGC$: 1,522.90 | Re: HK investors protest DBS
If I'm not wrong, POSB under DBS, has a motto, people's bank or something like that. In my opinion,it a poor people's bank. Wanna use local bank, my opinion is use OCBC or UOB, at least got priority banking or premier banking. First , don't have to wait very long. 2nd, At least they will ask u to sit until ur turn. Bank with comfort, bank with style, don't bank with POSB/DBS.
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11-08-2009, 09:43 AM
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#6 (permalink)
| | Experienced SGClubber
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Total SGC$: 1,537.15 | Re: HK investors protest DBS
Quote:
Originally Posted by Lautouzhi  If I'm not wrong, POSB under DBS, has a motto, people's bank or something like that. In my opinion,it a poor people's bank. Wanna use local bank, my opinion is use OCBC or UOB, at least got priority banking or premier banking. First , don't have to wait very long. 2nd, At least they will ask u to sit until ur turn. Bank with comfort, bank with style, don't bank with POSB/DBS. | their priority is called DBS Treasures la 
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11-08-2009, 10:06 AM
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#7 (permalink)
| | The Queen of Sarcastic
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Total SGC$: 9,071.12 | Re: HK investors protest DBS
Quote:
Originally Posted by Lautouzhi If I'm not wrong, POSB under DBS, has a motto, people's bank or something like that. In my opinion,it a poor people's bank. Wanna use local bank, my opinion is use OCBC or UOB, at least got priority banking or premier banking. First , don't have to wait very long. 2nd, At least they will ask u to sit until ur turn. Bank with comfort, bank with style, don't bank with POSB/DBS. | wow really huh, our POSB so lousy? i still rem, when i was a kid, my mum brought me there to open a savings account, i was so happy, with the bank book in my hand
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11-08-2009, 11:50 AM
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#8 (permalink)
| | wa jin siang sim ):
Posts: 22,538
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Total SGC$: 36,937.07 | Re: HK investors protest DBS
Quote:
Originally Posted by Lautouzhi If I'm not wrong, POSB under DBS, has a motto, people's bank or something like that. In my opinion,it a poor people's bank. Wanna use local bank, my opinion is use OCBC or UOB, at least got priority banking or premier banking. First , don't have to wait very long. 2nd, At least they will ask u to sit until ur turn. Bank with comfort, bank with style, don't bank with POSB/DBS. | POSB is already under DBS liao lor
me no bank with POSB or DBS
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