OCBC Bank, which opened its Xiamen branch in 1925, is the only foreign bank to have operated in China without disruption.
In 2007, we established our wholly-owned subsidiary in China, headquartered in Shanghai, OCBC Bank (China) Ltd (“OCBC China”). This marked a new phase in our long history in the country. Within 3 years, there were 11 main branches and sub-branches.
While most foreign banks in China have taken the route of expanding mainly through organic growth, we place equal emphasis on growth through local strategic alliances.
In 2006, OCBC Bank became the first Singapore bank to make a strategic investment in a Chinese bank, when we acquired 12.2% of Bank of Ningbo (“BON”).
OCBC Bank supports BON in the growing of its SME and consumer banking businesses through a comprehensive training and technical assistance programme.
At the same time, BON shares with OCBC its experience and knowledge of the China market, particularly in RMB products. Both banks work closely on joint initiatives in areas such as trade finance, investment banking, cross-border financing and treasury.