Singapore-based Oversea-Chinese Banking Corp (OCBC), Southeast Asia’s second-largest banking group, reaffirmed its commitment to Hong Kong by opening a 76,000-square-foot office in the region’s  Kai Tak area. According to the South China Morning Post, this expansion forms part of a broader HK$1.5 billion (US$192 million) investment plan to bolster the bank’s presence there over the next few years.

The bank’s plans include expanding its workforce in Hong Kong and Macau by 10-15% over the next five years, reflecting its belief in the growth opportunities within these markets, especially within the Greater Bay Area (GBA).

Frances Hui Wai-han, Chief Operating Officer of OCBC’s Hong Kong unit, emphasised the potential in the region.

“The opportunities in wealth management, trade, and other banking services in the Greater Bay Area and ASEAN are huge, and we are ready to upgrade our platforms and network to capture these customers,”

she said.

OCBC Reinforces Hybrid Banking Strategy with New Digital-First Office

OCBC’s new two-floor office at Airside, a mixed-use development by Nan Fung Group, marks a step toward a more digital-forward and sustainable banking model. Designed with open spaces and modern features, the office can accommodate up to 800 employees.

It will replace several smaller offices, reducing the number of OCBC’s locations in Hong Kong from eight to four.

The bank’s commitment to physical presence contrasts with the trends followed by some competitors. DBS and Standard Chartered have announced plans to reduce their office spaces and embrace more remote work post-pandemic.

“While we are investing in our digital banking platforms, we also believe our customers like to go to physical branches to meet with staff, manage their wealth and use other banking services such as wealth management,” Hui noted.

Internally, the bank has found that 70% of its staff prefer working from the office rather than remotely, citing higher engagement and comfort levels. 

OCBC views Hong Kong as a key hub in its Greater China and ASEAN strategy. Since acquiring Wing Hang Bank in 2014, the bank has steadily built its presence in Hong Kong, with Hong Kong and Macau contributing 21% of its pre-tax profit last year.

For the first nine months of the year, OCBC reported a 9% increase in net profit to S$5.9 billion (US$4.4 billion), with wealth management and insurance businesses being key drivers of growth.

“We are very positive about our growth in Hong Kong and Macau,” Hui said. “The next step is we will modernise our branch network and our Sheung Wan headquarters.”

Feature image credit: Edited from Freepik