July 3, 2023


Oversea-Chinese Banking Corporation (OCBC) logo seen displayed on a smartphone.

Rafael Henrique | Sopa Images | Lightrocket | Getty Images

Singapore’s second-biggest lender Oversea-Chinese Banking Corp, or OCBC, said on Monday it expects to deliver an additional revenue of 3 billion Singapore dollars, or $2.22 billion, by 2025, after it posted a record first-quarter profit in May.

OCBC, also Southeast Asia’s second-largest bank by assets, said its expectation was an outcome of its latest move of unifying its brand across its core markets of China and Southeast Asia to capture the growth opportunity there.

The bank did not disclose its 2025 total revenue target. Its total revenue in 2022 was SG$11.68 billion.

“The effects of China’s reopening post-pandemic, the rise of ASEAN for the China plus one strategy and other geopolitical factors have amplified this potential,” Helen Wong, OCBC’s group CEO, said in a statement.

Singaporean banks have also been benefiting from inflows from depositors seeking a safe haven from a global banking turmoil and uncertainty over the world economy and geopolitics.

OCBC will invest more than SG$50 million over the next three years to build up its transaction banking capabilities in greater China, it said in its statement.

It targets to achieve more than 500 regional mandates for cash management over the next five years, it added.

OCBC said it also aims to double its investment banking revenue in three years.

The lender will increase the number of corporate and commercial bankers by 30% to about 400 by 2024, with some hires being for its greater China’s business office, it said.

In terms of its wealth management business, OCBC targets to double the assets under management for greater China by 2025.

Jason Moo, CEO of OCBC’s private banking unit — Bank of Singapore, said the bank will grow its team of relationship managers to more than 500 by 2025 from around 400 now.

OCBC is also beefing up its capabilities to serve Chinese clients, and aiming to increase the greater China related revenue in Southeast Asia by more than 50% by 2025.

OCBC said Bank of Singapore aims to increase its assets under management by more than 16% to $145 billion by end of 2025 from now, it added.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Batman138 Bro138 Dolar138 Gas138 Gudang138 Hoki99 Ligaciputra Panen77 Zeus138 Kilat77 Planet88 Gaspol168 Sikat88 Rupiah138 Garuda138 Gacor77 Roma77 Sensa138 Panen138 Slot138 Gaco88 Elanggame Candy99 Cair77 Max7 Best188 Space77 Sky77 Luxury777 Maxwin138 Bosswin168 Cocol88 Slot5000 Babe138 Luxury138 Jet77 Bonanza138 Bos88 Aquaslot Taktik88 Lord88 Indobet Slot69 Paus138 Tiktok88 Panengg Bingo4d Stars77 77dragon Warung168 Receh88 Online138 Tambang88 Asia77 Klik4d Bdslot88 Gajah138 Bigwin138 Markas138 Yuk69 Emas168 Key4d Harta138  Gopek178 Imbaslot Imbajp Deluna4d Luxury333 Pentaslot Luxury111 Cair77 Gboslot Pandora188 Olxtoto Slotvip Eslot Kuy138 Imbagacor Bimabet