OCBC banks on strategic moves in Greater China
Published on Jul 4, 2014 7:58 AM
OCBC said the move to lift its stake in China's Bank of Ningbo and its proposed acquisition of Wing Hang Bank in Hong Kong are part of a plan to boost its foothold in key regional economies.
Chief financial officer Darren Tan told The Straits Times yesterday that the Greater China region is one of its four core markets, along with Singapore, Malaysia and Indonesia.
"The acquisition of Wing Hang... helps us further entrench our presence, strategically positioning us to capture the large trade, investment and capital flows between North and South- east Asia," he said.
OCBC, Singapore's second largest lender, has received all the relevant regulatory approvals for the acquisition and sent key documents to shareholders on June 30. The first closing date for acceptance is July 29.
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