Singapore's OCBC Bank deepens cooperation with local lender

OCBC Bank, the oldest financial services group in Singapore and the second largest in Southeast Asia, has signed a Memorandum of Understanding with Bank of Shanghai, deepening their strategic partnership and extending cooperation in emerging areas.

The MoU, signed at the inaugural Singapore-Shanghai Comprehensive Cooperation Council meeting in Shanghai, reaffirmed the two parties’ commitment in trade finance, corporate banking, treasury and investment banking. They plan to expand collaboration into emerging areas like digital banking, supply chain financing and cross-border capital markets.

Cooperation will lead to knowledge and resource sharing and build strong personal relationships within the two banking communities, OCBC Bank said.

With ASEAN and China’s leaders committed to achieving a joint target of US$1 trillion in trade by 2020, positioning the bank to capture these flows is important and its partnership with Bank of Shanghai will play a critical role, the Singaporean lender added.

Since April 2017, the two banks have seen significant increase in their business volumes, with trade finance growing over US$1 billion.

Thanks to its expertise in Southeast Asia and extensive network across 19 countries and regions, OCBC Bank has been able to support Bank of Shanghai in the region.

And likewise, the Shanghai-based lender has supported OCBC’s clients in China with its wealth of local knowledge and strong business ties.