Singaporean bank OCBC, who recently acquired the Asian units of Barclays Wealth, has announced the merger of its two banking subsidiaries in China.
Headquartered in Shanghai, the new entity, OCBC Wing Hang China, has a registered capital of S$1 billion and is a wholly-owned subsidiary of OCBC Wing Hang in Hong Kong, which is itself, 100 per cent owned by OCBC Bank.
OCBC Wing Hang China now employs more than 1,500 staff at its 32 branches and sub-branches across 14 cities in China. 13 of these branches and sub-branches are found within the Pearl River Delta region.
New Business Initiatives
The establishment of OCBC Wing Hang China enables OCBC Bank to effectively drive its Greater China strategy across the key markets of China, Hong Kong and Macau.
The Greater China region is one of OCBC Bank’s core markets given China’s rising economic prominence. Hong Kong, by virtue of its proximity and economic ties, serves as a significant gateway to China.
«With OCBC Wing Hang China, we are better positioned to capture the opportunities from key economic and business trends in this region. Moving ahead, we will be launching new business initiatives in Greater China that will involve the different entities within the Group working closer together than before to grow market share and deepen market penetration,» said Samuel Tsien, Group CEO of OCBC Bank and Chairman of OCBC Wing Hang China.
