OCBC eyes doubling profit to $1b from China's Greater Bay Area

The bank will channel $200m worth of investment in GBA over the next five years.

Bloomberg reports that Singapore's OCBC is gunning to double its profit to $1b in 2023 from the Greater Bay Area, which is made up of Hong Kong, Macau and several cities in Guangdong.

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The bank is expecting to channel $200m worth of investments into the area over the next five years which includes a 40% increase of its manpower to more than 4,200. “This will be a new economic region of which there will be focused attention from both the public sector and the private sector,” said OCBC CEO Samuel Tsien.

In 2014, OCBC acquired Hong Kong’s Wing Hang Bank Ltd. in 2014 to gain more access to Chinese companies that are expanding in Southeast Asia. The bank is also assessing ways to expand its private wealth and fund management business in Mainland China, Tsien added. 

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