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OCBC opens for business in Free Trade Zone
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OVERSEA-CHINESE Banking Corp, the second-biggest bank in Southeast Asia, opens a new sub-branch in Shanghai’s pilot Free Trade Zone today, tapping into opportunities of cross-border business.
The FTZ outlet has been established by relocating the entire OCBC sub-branch in Jiading District in Shanghai to the zone.
The Singapore-based lender currently operates 16 branches on China’s mainland and plans to add another in Suzhou, Jiangsu Province.
This is expected to open in August or September, said Tan Toh Kiat, head of corporate banking at OCBC China.
“We will continue to explore potential opportunities for our clients in the FTZ, to meet their needs for cross-border investment and financing,” said Tan.
Net profits in the first quarter tripled from a year earlier at OCBC China, mainly driven by corporate banking business.
The bank’s outlets on the mainland are mainly for corporate clients, except for the Shanghai and Chengdu branches.
Other Singaporean banks are also establishing a presence in the FTZ.
DBS Bank was among the first batch of foreign banks that opened a sub-branch in the zone, while United Overseas Bank will open its new FTZ outlet this week.
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