Company Briefs : OCBC Bank

ST FILE PHOTO

OCBC Bank

OCBC Bank's outgoing group chief executive Samuel Tsien (left) will be appointed adviser to the board upon his retirement as director and CEO, the lender said in a regulatory filing on Thursday.

In January, OCBC announced that Mr Tsien, 66, will retire after 14 years with the bank. He was appointed to the board in 2014 and as CEO in 2012.

Ms Helen Wong, former CEO of HSBC in Greater China, will take over as the new group CEO from April 15. The 59-year-old will also be the first woman to head a Singapore bank.

THE BUSINESS TIMES


Greensill

Greensill Capital filed for Chapter 11 bankruptcy protection for its unit in New York, as another part of Mr Lex Greensill's trade finance empire seeks safety from creditors. The firm filed for administration in Britain this month, capping a stunning collapse for the speciality finance firm after key backers walked away over concerns about the valuation of its assets.

Greensill's Australian holding company also entered bankruptcy protection earlier this month, while Greensill Bank in Germany also had operations frozen early this month by watchdog BaFin over potential balance sheet manipulation.

BLOOMBERG


ThredUp

ThredUp, an online marketplace for second-hand clothing, raised US$168 million (S$226 million) in an initial public offering priced at the top of a marketed range. The California-based firm sold 12 million shares on Thursday for US$14 each after marketing them for US$12 to US$14, a statement said. ThredUp has a market value of US$1.27 billion based on the outstanding shares listed in its filings.

"More millennial and Generation Z consumers are driving the shift to second-hand each year," the company said in its filing with the US Securities and Exchange Commission.

BLOOMBERG

Join ST's Telegram channel and get the latest breaking news delivered to you.

A version of this article appeared in the print edition of The Straits Times on March 27, 2021, with the headline Company Briefs : OCBC Bank . Subscribe