OCBC Bank signs partnership agreements with Bank of Shanghai and SIIC Trade Group
(20 April 2017 – Asia) OCBC Bank has made further headway in its drive to increase collaboration with Chinese banks and deepen relationships with the country’s state-owned enterprises (“SOE”) by signing two partnership agreements with Shanghai-based institutions.
The agreements, inked at the 3rd Singapore-Shanghai Financial Forum jointly organised by the Monetary Authority of Singapore and the Shanghai Financial Services Office, are with Bank of Shanghai and the SIIC Shanghai International Trade (Group) Co Ltd as well as its Singapore-incorporated subsidiary, SIIC International Trade Singapore Pte Ltd (SIIC Trade Group).
The Memorandum of Understanding (MOU) with Bank of Shanghai will facilitate both banks collaborating across a broad range of business areas to support the in-market and cross-border needs of each other’s customers.
Under the SIIC Trade Group MOU, the SOE has chosen OCBC Bank as its main banking partner.
The two agreements come on the back of a series of partnerships that the bank established with Chinese banks last year. OCBC Bank has also been actively supporting the banking and financing needs of Chinese SOEs.
Executive Director and CEO of OCBC Wing Hang China, Kng Hwee Tin, said: “Singapore and China enjoy robust economic and trade relations and are continuously working on deepening bilateral cooperation in their financial sectors. As leading financial centres in Asia, Singapore and Shanghai are important gateways for trade, capital and investment flows within and outside of Asia.
“We have been positioning ourselves to capture the tremendous business opportunities that will arise from the increasing connectivity between China and Southeast Asia. Our deep presence in the region, coupled with our product capabilities and the alliances we have established, enable us to provide comprehensive support to businesses expanding in Asia and internationally.”
Under this agreement, OCBC Bank and Bank of Shanghai will collaborate across a range of business areas including trade finance, corporate and investment banking, treasury, settlement, loans and cross-border financing to support the in-market and cross-border needs of each other’s customers.
Both banks will cooperate to harness mutual competitive strengths, build capabilities and explore joint business opportunities including making customer and business referrals to each other. Bank of Shanghai’s customers will benefit from this partnership as they can now have access to OCBC Bank’s extensive regional network comprising more than 610 branches and offices in 18 countries and regions, as well as its comprehensive suite of onshore and offshore financing and risk management solutions for business expansion. Clients of OCBC Bank looking to grow in China will be able to tap on Bank of Shanghai’s strong ties with the business community and its wealth of deep expertise and knowledge of the workings of domestic market.
Deputy President of Bank of Shanghai, Huang Tao, said: “The Singapore – Shanghai Financial Forum is a good platform for financial institutions from both countries to better understand and communicate with each other. Bank of Shanghai is always seeking to provide quality services to its customers both home and abroad. OCBC Bank plays an important role as our link with Singapore and Southeast Asia.
Signing the MOU provides a great opportunity for Bank of Shanghai and OCBC Bank to carry out all-round business cooperation. Bank of Shanghai is pleased to cooperate further with OCBC Bank in a wider range of business areas both onshore and offshore going forward.”
Bank of Shanghai is the second largest city commercial bank in China by assets and has a network of more than 300 branches in Pearl River Delta, Bohai Rim, Yangtze River Delta and key cities in the central and western regions. Formed in December 1995, it is one of the first city commercial banks established in China and was successfully listed on the Shanghai Stock Exchange in November last year.