Chairman Cheong Choong Kong said the bank had enough cash to tide it through the economic crisis.

He told more than 100 shareholders at the annual and extraordinary general meeting that OCBC had done relatively well, despite the difficult and challenging business environment, and stated: 'Right now, there isn't any plan for a rights issue.'

Dr Cheong also said OCBC had not axed employees and would only consider retrenchment as a last resort.

He also highlighted its other cost-saving measures and responded to a shareholder who queried whether top staff had made any sacrifices: 'As a matter of fact, there was a pay cut.

'For our senior executives, a large portion of their pay consists of variable compensation in the form of bonuses, share options or performance shares, and that was reduced significantly.

'And if you see our CEO's compensation, his variable portion was also reduced.'

Chief executive David Conner earned between $3.75million and $3.99million last year, lower than his remuneration for 2007, which came in between $6million and $6.25million. The 2007 pay package included bonuses of at least $2.6million but last year they were about $900,000.

A shareholder asked if the bank would consider buying back shares, a move that could lift the stock price.

Mr Conner said OCBC stopped the share buyback programme last year after running it in 2006 and 2007.

Read the full story in Friday's edition of The Straits Times. .