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OCBC expects to tap China’s new economic initiative
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SINGAPORE-BASED OCBC has expected to benefit from China’s “One Belt and One Road” initiative in boosting business cooperation between China and South Asian countries, bank officials said yesterday.
The belt and road initiative was put forward in 2013 to boost economic link between China and regions including the Middle East, Europe, Southeast Asia, Oceania and North Africa.
Kng Hwee Tin, Executive Director and Chief Executive Officer of OCBC China said the initiative will encourage more domestic companies setting up footprint in Southeastern Asia and foreign companies enter China’s domestic market.
OCBC China this year will integrate the network of Wing Hang Bank, which OCBC acquired last year, to boost OCBC’s presence in China.
The Hong Kong-based Wing Hang Bank has strong business network in China’s southern Pearl River Delta with 16 outlets.
OCBC China last year contributed 12 percent of the banking group’s total pre-tax profits, 6 percentage points higher than in 2013, Kng said.
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