EconomyOCBC CEO Tan Teck Long sees long-term potential in wealth business

Singapore lender OCBC reported a record quarterly profit of S$2.22 billion in the second quarter, an increase of 22 per cent from a year earlier. Revenue from wealth management and other fee-based activities helped cushion the impact of lower interest rates. Group CEO Tan Teck Long said the bank remains confident about the wealth business’s long-term prospects. He added that OCBC intends to keep investing in the area despite swings in financial markets.