Pzena Investment Management, LLC — International Value Composite on Oversea-Chinese Banking Corporation Limited
Thesis
Pzena purchased OCBC because the Singaporean lender operates within a structurally attractive banking oligopoly. The fund also sees expanding fee income and a growing asset-management business as positive earnings drivers. The combination of favorable industry structure and increasing non-interest income supports the investment case.
“Lastly, we purchased Oversea-Chinese Banking Corporation, a Singaporean lender operating in a structurally attractive oligopoly.”