OCBC Bank has merged its two banking subsidiaries in China – OCBC Bank (China) and Wing Hang Bank (China), to adhere to China's single presence policy for foreign banks.
The merged entity, known as OCBC Wing Hang Bank (China), will be based in Shanghai and will have a registered capital of RMB5bn (SGD$1bn).
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"The establishment of OCBC Wing Hang China empowers OCBC Bank to effectively drive its Greater China strategy across the key markets of China, Hong Kong and Macau – under one single platform and a unified brand name of OCBC Wing Hang," OCBC said in a statement.
OCBC Wing Hang Bank (China) is a wholly-owned subsidiary of OCBC Wing Hang in Hong Kong, which itself is wholly-owned by OCBC Bank.
The combined business will comprise 32 branches and sub-branches across 14 cities in China, and a workforce of over 1,500.
OCBC Bank group CEO and OCBC Wing Hang Bank (China) chairman Samuel Tsien said: “With OCBC Wing Hang China, we are better positioned to capture the opportunities from key economic and business trends in this region.
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By GlobalData“Moving ahead, we will be launching new business initiatives in Greater China that will involve the different entities within the Group working closer together than before to grow market share and deepen market penetration.”
OCBC Bank set up its footprint in China in 1925 by launching its Xiamen branch. In July 2014, the bank acquired Wing Hang Bank that was renamed as OCBC Wing Hang in Hong Kong and Macau, and became a wholly-owned subsidiary of OCBC Bank on 15 October 2014.
