OCBC inks MOU with Bank of Shanghai to tap B&R opportunities
OCBC Bank signed its second Memorandum of Understanding with Bank of Shanghai today to tap rising opportunities along the Belt and Road initiative in Southeast Asia.
As Bank of Shanghai does not have a presence in Southeast Asia, one of the top investment destinations for Chinese companies venturing overseas, the Singapore lender can be their strategic collaborative partner, according to analysts.
“The collective strength of Bank of Shanghai and OCBC, especially our combined networks and franchises, can effectively attract and engage Chinese enterprises that are both ‘Going Out’ and ‘Coming In,’" Samuel Tsien, group CEO of OCBC Bank, said.
Southeast Asia, which is along the 21st Century Maritime Silk Road, is a “strategic” economic corridor at the heart of the B&R, Tsien added.
The two banks aim to provide clients with trade finance, corporate banking, treasury, and investment banking solutions tailored to their cross-border needs.
The partnership offers corporate clients of the Shanghai-based city commercial lender access to OCBC Bank’s comprehensive suite of funding and risk management solutions, its deep experience in Southeast Asia and an extensive network across the region.
A 2016 survey by law firm Herbert Smith Freehills revealed that Malaysia, Singapore and Indonesia topped the list for
Chinese corporations tvo invest in Southeast Asia over the next three years.