It's the first Singapore bank to own a headquarters in China.
Oversea-Chinese Banking Corporation opened its RMB1 billion (about S$208 million) corporate office in Shanghai’s increasingly prominent financial district of Pudong, making it the first Singapore bank to operate and own a headquarter building in China. It is also the Bank’s largest fixed asset investment to date in the country.
The six-storey OCBC Tower, which serves as the head office of fully-owned subsidiary OCBC China, provides for 18,000 sq m of office space and has enabled the consolidation of the full range of banking divisions - including the consumer and corporate banking units, the middle office and support functions - under one roof.
OCBC Bank’s presence in China dates back to 1925 with the opening of a branch in Xiamen. OCBC China commenced business in August 2007, after the Bank received the regulatory nod for local incorporation and has since ramped up its presence in the country to include 16 branches and subbranches across nine cities, up from five branches and representative offices.
Outside of Singapore, China and the Greater China region as a whole; Malaysia and Indonesia are markets that the Bank has earmarked for future expansion and growth.
Dr Cheong Choong Kong, Chairman of OCBC Bank, who officiated the opening of the new headquarters said, “OCBC has had a presence in China long before the country became the de rigueur investment destination for companies around the world. Six years ago, we incorporated OCBC China locally. The opening of OCBC Tower today is yet another step forward in our 88-year history here.
It signals our unequivocal commitment to further deepening our presence in this market, consistent with our strategy to support the cross-border businesses of our customers across Greater China, Indonesia, Malaysia and Singapore.
Within China, we have been steadily increasing our distribution footprint to serve both our retail and corporate customers. China’s ongoing economic transformation and financial sector reform will benefit financial institutions such as OCBC that are deeply invested here. We will continue to make inroads in this market as we grow our business.
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