Late last week OCBC ended at 31 cents higher at S$10.24 (around $7.9), producing a market capitalisation of S$34.2 billion, S$1.7 billion more than DBS's S$32.5 billion, according to AsiaOne. It is S$5.3 billion ahead of United Overseas Bank's market cap of S$28.9 billion, the report said.

While price fluctuations may mean little in the short run to private bank clients, the fact that OCBC is now the largest bank of its kind in terms of its market value is sure to be highlighted as a positive selling point to clients, particularly when there is so much focus on the financial health of the world’s banks. OCBC is an example of the kind of Asia-based bank which has seen its fortunes wax while Western banks have in some cases struggled due the credit crunch. It bought BOS from Netherlands-based ING as the latter bank was seeking to sell assets and repair its balance sheet.

OCBC's stock price is now up 12.5 per cent year-to- date as of the time of writing - while DBS' is in negative territory, down 8.6 per cent, the AsiaOne report said.

Earlier in November, OCBC said its third-quarter net profit rose 27 per cent year-on-year to $570 million (around $441.5 million), taking profits since the start of 2010 to S$1.749 billion. Earnings growth was supported by higher net interest income, strong fee and commission income, and lower credit losses.