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OCBC merges two banking subsidiaries in China to establish OCBC Wing Hang China
It aims to comply with China’s single presence policy.
Aiming to effectively drive its Greater China strategy across the key markets of China, Hong Kong, and Macau, Singapore’s banking giant OCBC merges OCBC Bank (China) and Wing Hang Bank (China) to establish OCBC Wing Hang China.
According to a press release by OCBC, the new establishment has a registered capital of RMB5 billion (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,” the release noted.
According to OCBC, with the merger, the bank has also complied with China’s single presence policy for foreign banks.
“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. The consolidated OCBC Wing Hang platform is well-positioned to serve the needs of clients across the Greater China region as well as their cross-border needs extending to Southeast Asia where OCBC Bank has a long-established presence,” the release added.
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