Singapore’s OCBC Bank is planning to adopt a hybrid work model to enable some employees to work from home.
The move was reported by the local financial daily The Business Times.
During the annual shareholder meeting, OCBC Bank chairman Ooi Sang Kuang confirmed that the bank will ‘certainly be moving towards’ a hybrid workspace.
He further said that some of the workers may be shifted from headquarters to suburbs and places near their homes.
The bank will also review its office space requirements and may trim its branch network.
This comes when several lenders across the world are reducing their brick-and-mortar presence amid surge in digital banking.
Ooi was quoted by the publication as saying: “We may not need so many branches servicing our customers, so certainly I think there will be a review in terms of our office requirements as we move forward.”
Several other banks are also reducing their office space. DBS is reportedly vacating a few floors few floors in Marina Bay Financial Centre Tower 3 as well as in Hong Kong.
Standard Chartered, UBS, Citi and Mizuho are also trimming their office space.
Last month, OCBC Bank started the roll out of face verification technology at ATMs. The new services are expected to go live across all 550 OCBC ATMs in Singapore.