Daily Briefing: OCBC to set up Chinese wealth management arm; Sheng Shiong to revamp old stores

And Don Quijote is planning to beef up its Singapore presence.

From Reuters:

Oversea-Chinese Banking Corp Ltd (OCBC) plans to set up a wealth management business in China as part of a strategy to double its profit in five years in the country’s so-called Greater Bay Area, its chief executive said.

OCBC, Singapore’s second-largest listed lender, expects the launch of the wealth management business and the expansion of its banking presence in the Greater Bay Area to be a “new growth driver” for the bank, CEO Samuel Tsien said.

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From The Motley Fool:

Sheng Siong’s management thinks that consumer sentiment in Singapore is improving, according to its letter to shareholders, although management is also aware that there are risks. The major re-fitting of some old stores is another part of Sheng Siong’s strategy. “Some of the old stores in matured housing estates have seen declining same store sales and the Group will be earmarking some of these stores for major re-fitting, which could mean a month or so of lost sales for each of the affected stores,” the company said in a statement. 

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From Reuters:

With Japanese discount retailer Don Quijote Holdings Co Ltd expecting to hit 1 trillion yen ($9.05 billion) sales target in the next financial year, Donki is looking to open one to two stores in Southeast Asia annually, according to  Mitsuo Takahashi, Don Quijote chief financial officer. It currently has two “Don Don Donki” stores in the city state with Takahashi saying that the number of Singapore outlets could reach 10 or more.

Read more here.