OCBC unveils incentives for shareholders to participate in $3b rights issue

It’s sweetening the deal for with product-specific perks.

OCBC today unveiled new incentives for shareholders to participate in the $3b rights issue that it launched to help finance its acquisition of Wing Hang Bank.

The standard $2 ATM fee will be waived for OCBC shareholders who subscribe for their rights shares at OCBC ATMs.

Apart from ATM fee waivers, OCBC shareholders with OCBC 360 accounts can also earn a payment interest bonus of 1.0% per annum by paying two bills online.

To enjoy this higher interest rate, OCBC 360 Account holders usually have to pay three bills online or through GIRO in a month, and the subscription for the rights shares will not usually count as one such payment.

“Any shareholder has until 15 September 2014, the closing date of the rights issue, to open an OCBC 360 Account at any OCBC Bank branch. A new OCBC ATM card can be issued and activated on the spot. If the shareholder already has an OCBC ATM card, it can be linked to his new OCBC 360 Account. He can then immediately use that card – so long as there is enough cash in the account – to subscribe for his rights shares at an OCBC ATM at the branch,” OCBC noted.