Singapore OCBC Group Announces HK$1.5 billion Investment in Hong Kong and Macau

Singapore OCBC Group Announces HK$1.5 billion Investment in Hong Kong and Macau

by June 3, 2024

OCBC Group, a banking institution in Southeast Asia, has announced a significant investment of HK$1.5 billion (US$192 million) to enhance its digital platform and upgrade its offices in Hong Kong and Macau. This strategic move aims to capitalise on these regions’ growing banking and wealth management opportunities.

The investment includes HK$1 billion dedicated to technology upgrades across OCBC’s core banking systems in Hong Kong and Macau, scheduled to be completed by 2026.

These enhancements will incorporate advanced artificial intelligence (AI) and machine learning technologies, significantly boosting the bank’s digital banking capabilities. Customers can expect faster and more efficient online banking and trading services.

Additionally, HK$500 million will be allocated to refurbishing the bank’s offices and branch network in both cities. This includes new office space in Airside, a mixed-use development by Nan Fung Group in Kai Tak, Hong Kong, spanning 54,800 square feet. This upgrade aims to attract talent and new customers by providing state-of-the-art facilities.

OCBC Hong Kong

Helen Wong

Helen Wong, Group CEO of OCBC, highlighted the importance of these developments at a media briefing in Hong Kong.

“Upon completion of these technology and digital enhancements, our digital banking capability will increase substantially. This will enable our customers to conduct online banking and trading more swiftly and efficiently,”

Helen said.

Founded in 1932, OCBC is the second-largest bank in Southeast Asia by assets. It operates with a twin-hub approach between Singapore and Hong Kong.

The bank acquired Wing Hang Bank in 2014 to accelerate its presence in Hong Kong, Macau, and mainland China. With over 30 outlets and total assets of HK$363 billion in Hong Kong and 11 branches with total assets of HK$32 billion in Macau, OCBC is well-positioned to support the financial needs of the region.

Hong Kong, Macau, and mainland China are key growth areas for OCBC, contributing 21 percent of the bank’s profit before tax last year. This is a significant increase from six percent a decade ago, reflecting the bank’s successful integration of Wing Hang Bank. OCBC’s profit before tax reached HK$48.72 billion (US$6.23 billion) last year, underscoring its robust performance.

OCBC will hire 300 new employees in China over the next three years to support its expansion plans. The company will focus on enhancing its digital service offerings for corporate and individual clients.

The bank is also committed to green finance, providing sustainable financial solutions to businesses of all sizes. Recent initiatives include arranging green loans for Hong Kong logistics companies and China’s largest wind power producer.

OCBC Hong Kong

Wang Ke

Wang Ke, Head of Greater China and CEO of OCBC Hong Kong, emphasised the bank’s commitment to the region’s growth.

“China remains one of our fastest-growing major markets, and we are dedicated to supporting its economic development through advanced transaction banking capabilities and sustainable finance initiatives,”

Wang Ke said.

OCBC’s substantial investment in technology and infrastructure in Hong Kong and Macau demonstrates its commitment to innovation and excellence, positioning the bank as a leader in the rapidly evolving financial landscape.

Featured image credit: Edited from Freepik