OCBC Shutters Investors Hub During Circuit Breaker
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The bank hopes to encourage more people to stay home and comes in support of stricter social distancing measures implemented by the government to contain the spread of Covid-19.
OCBC Bank’s wholly-owned brokerage subsidiary, OCBC Securities, will temporarily close its Investors Hub at OCBC Centre South from 20 April to 4 May 2020, it announced in a statement on Friday.
The bank said customers will be able to continue to trade or make transactions through their trading representatives or on OCBC Securities’ digital platform, iOCBC, as the brokerage will continue to be operational during this time.
The Monetary Authority of Singapore also urged the public to minimize visits to their premises during the current circuit breaker period.
«While financial services remain available as one of the essential services exempted from the suspension of activities at workplace premises announced by the Ministry of Trade and Industry (MTI) on 3 April 2020, customers are urged to use digital, email, and telephone channels as far as possible and minimize face-to-face interactions at FI premises,» the regulator said in a statement on Friday.
About half of the bank branches in Singapore have closed, along with most of the physical service locations of insurers, brokers and fund managers, in view of reduced customer traffic.
Questions & Answers
Q.What is the primary reason for OCBC Securities closing its Investors Hub?
What is the primary reason for OCBC Securities closing its Investors Hub?
OCBC Securities is closing its Investors Hub to support government efforts to contain Covid-19 by encouraging people to stay home and reinforce social distancing measures. The bank hopes to reduce face-to-face interactions at its premises.
Q.Which specific location is affected by the closure?
Which specific location is affected by the closure?
The closure specifically affects OCBC Securities' Investors Hub located at OCBC Centre South. This is the only physical location mentioned as temporarily ceasing operations during this period.
Q.Will customers still be able to trade or make transactions during this time?
Will customers still be able to trade or make transactions during this time?
Yes, customers can continue to trade or make transactions through their trading representatives or by using OCBC Securities’ digital platform, iOCBC. The brokerage itself will remain operational.
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