TodayOnline
DBS Bank says it will take responsibility for some of the Lehman Brothers products sold through its network in Singapore and Hong Kong if there was mis-selling.
“In specific cases when evidence of mis-selling is established, DBS (Hong Kong) Limited and DBS Bank (Singapore) will take responsibility,” the bank said yesterday.
It issued the statement in reply to queries about a recent report in the South China Morning Post that said it would consider full compensation for losses on one of Lehman’s structured products sold in Hong Kong if its investigations showed that buyers had been misled by the bank’s sales staff.
DBS also pointed out in a separate statement last night that customers in Singapore who had bought High Notes 5, a structured product sold with Lehman as one of the reference entities, may not get a cent back.
The collapse of Lehman triggered the early redemption of High Notes 5 and the unwinding process has begun.
“We expect that the final valuation of the Notes, which is market determined,
will be completed on or around Oct 31. In the worst case scenario, customers could lose their entire investment,” it said.
The bank has since set up dedicated Investor Care Centres in Hong Kong and Singapore, manned by experienced staff specially trained to handle queries about the troubled structured products.
Mr Rajan Raju, DBS’ managing director and head of consumer banking, added: “More than 300 customers have approached our Investor Care Centre and we are addressing their concerns about their investments. As soon as each case is reviewed, DBS will inform the respective customers of the outcome.”
http://www.todayonline.com/articles/281348.asp
the remaining value for Pinnacle note is terrible. Now, we not only need to worry about the MS and the 6 to 7 parties in their brochure, we also need to worry about 100 to 150 companies in their CDO list which they never mentioned to invester. If some of these unknown companies go bankrupt, we will get back nothing. Do you now even a restaurant name in that CDO lists. Do you realize you have to worry about a restaurant business but not only those big names as you supposed to. It is totally cheating.
ReplyDeleteI received calls from their Investor Care Centres. It is nothing more than a PR job. She doesn't have a direct line that I can contact her nor able to put her statement in writing to me. Wasting my time talking to her.
ReplyDeleteFrom what I have read from the blog, no one has stated that they are able to convince the bank that their case is a mis selling case!
ReplyDeleteInvestors have tough time, endure the pain and move on.
I also got a call from the Investor Care Centre then I received a letter from DBS to say that they understand that their rep has answered all my complaints. I wrote back and told them that they are deluded if they think their rep answered my complaints. We did not even talk about that. I restated the complaints and asked them to communicate by email or mail so that I have a hard copy!
ReplyDeleteApart from High Notes, MiniBonds, Jubilee3 and Pinnacle Notes, there a few more timebombs that haven't exploded yet.
ReplyDeleteI know because I attended some of the product trainings before.
i don't believed there is any sincerity at all when it is up to u to prove them wrong. probably very few cases can be proven. and they are smart, split u up - divide and conquer u individually. united we stand, divided we fall.
ReplyDeleteThis is just marketing part of DBS to promote themselves as caring and customer centric. Bet you, few will get what they come for because legally their case is water tight. They have the best legal mind to advise them on what they have been doing. So is other financial institution. They are like durians, they roll on you you die and when you roll on them you also die!!!
ReplyDeleteSo it is a lesson to be learned never to trust salespeople of all form and avoid par & investment-linked policies and any structured products even if it come from heaven and sold by God himself.
Hi,
ReplyDeleteAs a taxpayer, I DON"T agree that DBS or any other Banks should compensate notes buyers for their IGNORANCE. Period.
Hi (5:08 pm)
ReplyDeleteWhat has your tax got to do with DBS or any other banks?? If you are so ignorant you should mind your own business. The old aunties and uncles are here complaining because they have been cheated of their "blood and sweat" money. If you are so hard hearted please do stay away from this forum. Thank you very much
siew khim, be fair, not all sales people are evil. those in the hi-tech equipment sector has to endure each piece they sold for at least 10 yrs, so the sales recommendation cannot hv any mistakes. if it kills somebody, also hv to answer to the law. any problem, they call, we fix it. reputation and service are very important, else no more business, even if u change company. not like u can resign from dbs then join ocbc, different class of people, we are all professional engineers, some with white hair even at 30+. no young, handsome and pretty faces with hollow brain and a few $$$ sign inside.
ReplyDeleteHey 5:08pm
ReplyDeleteAs a taxpayer, you pay the Govt and NOT to DBS or other banks!
We are here to help the many old aunties and uncles (note buyers)who have been cheated of their life-long blood and sweat savings. If you are so hard-hearted, please do not comment the note buyers are ignorant. You are lucky to be younger and more educated than these old aunties and uncles.
Hey (5:08 p.m, anonymous)
ReplyDeleteYou think you are smart and act great to pay tax. Many people pay more taxes than you and are very humble.
Have pity on the innocent and illiterate aunties and uncles, will you?
Find out more if you do not know the background of their complaints.
Thank you.
5.08pm,
ReplyDeleteyou got brain or not? using your backside to speak won't make any sense..you must have been paying taxes to DBS.Don't confuse debt with tax.