Singapore’s OCBC Bank eyes expansion in China, Southeast Asia to tap growing demand for wealth management

The group will invest more in China and Asean countries to capture the growing opportunities in the post-Covid era

China-Asean bilateral trade defied the pandemic, rising from US$641.5 billion in 2019 to US$975.3 billion in 2022

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OCBC wants to attract US$21 billion of fresh funds from clients for it to manage in the next three years. Photo: Reuters

Published: 7:30pm, 3 Jul 2023

Singaporean banking giant OCBC Group plans to expand in China and Southeast Asia in a bid to capture the strengthening trade relationships and growing demand for wealth management in the area, its boss said on Monday.

The bank aims to generate an additional S$3 billion (US$2.22 billion) in revenue by 2025 on top of its existing income. To achieve this, it will invest more than S$50 million over the next three years in its digital banking and other capabilities in mainland China, on top of S$140 million it has spent there over the last three years, said Helen Wong, group CEO of OCBC.

Wong said the bank is “in the right markets at the right time” with its strong presence in China and Southeast Asia, and hence is well placed to capture the growing business opportunities there.

“The effects of China’s reopening post-pandemic, the rise of Asean [the Association of Southeast Asian Nations] … and other geopolitical factors have amplified this potential,” Wong said in a media briefing in Hong Kong on Monday.

“We will use a twin-hub approach, using Hong Kong and Singapore to develop our businesses in China and key Asean markets including Singapore, Indonesia, Malaysia, Thailand and Vietnam.”

Helen Wong, group CEO of OCBC speak at a corporate event at Martime Museum in Central, Hong Kong on July 3, 2023. 03JUL23 SCMP/Enoch Yiu

Bilateral trade between China and Asean countries has climbed in the last few years, defying the pandemic. It rose from US$641.5 billion in 2019 to US$975.3 billion in 2022, Hou Yanqi, the Chinese Ambassador to Asean, said in February.

Singapore’s OCBC Bank eyes expansion in China, Southeast Asia to tap growing demand for wealth management

The group will invest more in China and Asean countries to capture the growing opportunities in the post-Covid era China-Asean bilateral trade defied the pandemic, rising from US$641.5 billion in 2019 to US$975.3 billion in 2022

The group will invest more in China and Asean countries to capture the growing opportunities in the post-Covid era

China-Asean bilateral trade defied the pandemic, rising from US$641.5 billion in 2019 to US$975.3 billion in 2022