Singapore-based OCBC has announced new business targets and unified all of its units under a single brand.
OCBC will aim to deliver S$3 billion in incremental revenue ($2.2 billion) over the next three years, according to a statement.
Within global wholesale banking, the Singapore lender will invest over S$50 million during this period and aim to achieve more than 500 regional mandates for cash management over the next five years. As announced in 2021, OCBC will also increase the number of corporate and commercial bankers by 30 percent to about 400 by 2024.
And within wealth management, OCBC is targeting to double assets under management (AUM) for its premier banking and premier private client (PPC) segments in Greater China. Bank of Singapore – OCBC’s private banking arm – also aims to grow its AUM to $145 billion by the end of 2025. The two businesses will significantly increase their headcount to support these ambitions.
Group Rebranding
In addition, OCBC has unified its businesses across the group under a single brand.
OCBC Wing Hang Bank in Hong Kong will be renamed OCBC Bank (Hong Kong) while Banco OCBC Weng Hang is now called OCBC Bank (Macau). Pending regulatory approval, OCBC Wing Hang Bank (China) will change its legal name to OCBC Bank Limited in the fourth quarter of 2023.
ASEAN-Greater China Focus
On top of further investments, the bank will also look to realize its ambitions by increasing focus on ASEAN-Greater China opportunities.
«The flow business between ASEAN and Greater China is not new to us. We recognize its potential. The effects of China’s reopening post-pandemic, the rise of ASEAN for the China plus one strategy and other geopolitical factors have amplified this potential,» said OCBC group chief Helen Wong.
