The Strengths of One Group

OCBC Group is unique and differentiated from our peers as we have a comprehensive banking, wealth management, insurance and asset management franchise. We work as One Group to pursue strong growth across ASEAN and Greater China.

Banking

OCBC Group’s banking entities are locally incorporated commercial banks in top economies in ASEAN, such as Singapore, Malaysia and Indonesia, as well as in Greater China. We have the most comprehensive coverage across ASEAN and Greater China enabling us to serve the banking needs and enable the aspirations of businesses and individuals.

Through these banking subsidiaries, we have more than 330 branches and offices in ASEAN’s leading economies of Singapore, Malaysia and Indonesia, and more than 60 in Mainland China, Hong Kong SAR and Macau SAR. This includes Bank of Singapore, our private banking subsidiary.

Besides our banking subsidiaries, our capabilities in Mainland China are strengthened significantly due to our associate company Bank of Ningbo which has 489 branches, sub-branches and offices in Mainland China. Bank of Ningbo has grown from strength to strength since 2006, the year we first acquired a stake in what was then Ningbo Commercial Bank. We raised our stake in the renamed Bank of Ningbo in 2014. As its presence is solely in Mainland China, it complements OCBC, which has an extensive network in ASEAN and the Greater Bay Area. Together, we are well-placed to support China business customers’ expansion plans and personal customers’ wealth diversification ambitions outside Mainland China.

We have increased our investment in Indonesia, the world’s fourth most populated country which offers multiple business and investment opportunities. In 2023, we announced that pending regulatory approvals, OCBC Indonesia would acquire PT Bank Commonwealth – Commonwealth Bank of Australia’s Indonesia unit which has strong wealth management and auto financing capabilities. We will hence broaden our product offerings and, as there is little customer overlap, we will welcome more than one million customers to our franchise.

Wealth Management

OCBC is uniquely positioned to lead in wealth management in Asia. OCBC has a regional platform to develop and distribute a wide range of products, and to provide wealth advisory services. Its three other large subsidiaries – Bank of Singapore, Great Eastern and Lion Global Investors – work seamlessly together to enhance the Group’s wealth management capabilities.

Bank of Singapore has established itself as Asia’s global private bank, with booking centres in Hong Kong SAR and Singapore. It also has offices in Dubai, London, Luxembourg, Malaysia and the Philippines. Bank of Singapore has increased its offerings in alternative investments.

Great Eastern, as a leading insurance company in Singapore and Malaysia, is a strategic component of OCBC Group’s wealth management proposition. Insurance is an important investment and protection class in wealth management. With bank and insurer being part of the same group, the relationship goes beyond a legal contract. Great Eastern is well-placed to customise bancassurance products, service OCBC customers and improve processes and policies, taking a long-term view.

Insurance

The inclusion of Great Eastern in OCBC is unique and adds a diversifying business pillar – Insurance – to the Group. Testament to this synergy, in June 2023, OCBC increased its stake in Great Eastern from 87.9% to 88.4%, in line with its ambition to be Asia’s leading financial services partner for a sustainable future. Great Eastern has over $100 billion in assets and over 16 million policy holders in Singapore and Malaysia, including 13 million from government schemes. It also operates in Indonesia and Brunei.

In October, Great Eastern announced that, pending regulatory approvals, it would acquire AmMetLife Insurance and AmMetLife Takaful in Malaysia for an estimated RM1.121 billion. Through this opportunity, Great Eastern would be able to offer its insurance and takaful solutions to AmBank’s three million customers, providing it with an expanded distribution network in Malaysia.

Insurance solutions are provided to customers through three distribution channels – aside from bancassurance which is core to OCBC’s wealth management strategy, Great Eastern’s other distribution channels are its tied agency force and financial advisory firm, Great Eastern Financial Advisors. Great Eastern’s general insurance business is underwritten by its wholly-owned subsidiary, Great Eastern General Insurance Limited (GEG), which offers customers a comprehensive suite of insurance solutions including Auto, Home, Travel, Personal Accident and Maid for retail customers and Small and Medium Business package and various Property and Casualty insurance for businesses.

Asset Management

Owned by OCBC and Great Eastern, Lion Global Investors is another strategic component of the OCBC Group. It is one of the largest asset management companies in Southeast Asia offering best-in-class Asian-centric investment solutions with Assets Under Management of $69.9 billion as at 31 December 2023. Tapping on its fund management expertise, Lion Global Investors has collaborated with OCBC Securities to launch several first-to-market products, bringing global securities to customers and deepening synergies within the OCBC Group.

Lion-OCBC Securities Singapore Low Carbon ETF was launched in April 2022, in recognition of the growing capital allocated to aligning investment portfolios with a low carbon and climate resilient future. This was Singapore’s first ETF that focuses on the top 50 Singapore companies with lower carbon intensity.

In August 2021, the Lion-OCBC Securities China Leaders ETF was launched. This was Singapore’s first China-focused ETF that pays out annual dividends to investors, allowing investors to diversify their investment portfolio through the inclusion of Chinese stocks in an easy and affordable way.

Singapore’s first technology-focused ETF, the Lion-OCBC Securities Hang Seng TECH ETF, was launched in December 2020, giving investors an easy and affordable way to access Hong Kong-listed technology-themed stocks. It tracks the Hang Seng TECH Index, which is made up of the top 30 technology companies listed in Hong Kong by market capitalisation that have high business exposure to technology themes.