OCBC Bank officially opens Wuhan branch in China
The expansion of OCBC Bank’s Greater China network, with the addition of Wuhan Branch, will strengthen its ASEAN‑Greater China trade and investment proposition.
Singapore, 21 March 2023 – Today, OCBC Bank has officially opened a branch in Wuhan, the capital of Hubei Province in Central China, under its wholly-owned China banking subsidiary – OCBC Wing Hang Bank (China) Limited (“OCBC Wing Hang China”). The launch of the branch in Wuhan, one of China’s largest transport, industrial and manufacturing hubs, supports OCBC Bank’s ambitions to capture the growing Greater China‑ASEAN trade and investment flows. The Wuhan branch brings OCBC Wing Hang China’s network in China to 19 branches across 14 cities, reinforcing the Bank’s Corporate Strategy to ‘Excel for Sustainable Growth’.
In 2022, Hubei Province maintained its leading position in regional GDP among large economic provinces with a GDP exceeding 5 trillion Yuan. Seizing opportunities that arose from the Regional Comprehensive Economic Partnership Agreement, it recorded 34.9% growth in imports and exports with ASEAN in 2022. The recent China-ASEAN FTA 3.0 negotiations will pave the way for future economic and trade development between Hubei Province, and the Greater China region, with ASEAN.
China and ASEAN are strong trading and investment partners. ASEAN continues to experience economic growth, especially in OCBC Bank’s core markets of Singapore, Malaysia and Indonesia, which have become some of the most attractive investment destinations for Chinese companies.
OCBC Bank Group CEO Ms Helen Wong, Director and CEO of OCBC Wing Hang China Mr Wang Ke, and OCBC Wing Hang China Wuhan Branch General Manager Mr Ye Jing officially opened the branch in Wuhan with the Vice Governor of Hubei Province Ms Chen Ping, Director General of Hubei Provincial Bureau of Local Financial Regulation and Supervision Mr Duan Yindi, and the Vice Mayor of Wuhan Mr Yang Ze Fa. The official opening ceremony was attended by representatives from the Hubei Provincial Government, Wuhan Municipal Government, Enterprise Singapore, clients and media.
At the opening ceremony, Ms Wong said, "The establishment of the Wuhan Branch is a milestone for OCBC Group in Greater China. Given its strategic location, this branch will serve as our headquarters for Hubei province and the Central China region. It is therefore a key addition to our Greater China network which covers the Beijing-Tianjin-Hebei region, the Yangtze River Economic Belt and the Greater Bay Area.
“This strengthened network enhances our ability to capture ASEAN‑Greater China trade and investment flows. We will provide differentiated banking services to our customers by leveraging our twin hubs of Singapore and Hong Kong, as well as our presence in Southeast Asia, while working together with local Chinese banks and foreign banks. Our strengths will allow us to support foreign enterprises who want to invest and conduct business here, while at the same time, helping local Chinese enterprises expand into ASEAN," Ms Wong added.
The Wuhan branch will focus on supporting enterprises in the communication and technology, new energy, logistics, and real estate sectors. The multi-faceted cross-border financial needs of these corporate clients will be met with a holistic suite of products and services including deposits and loans, corporate financing, cash management, international settlement, investment and wealth management, cross-border trade settlement in Renminbi (RMB), supply chain financing, and online banking services. In furtherance of OCBC Bank’s sustainability drive, Wuhan Branch will also help to drive green finance solutions and support clients’ transitions to a low-carbon economy.
In line with the bank’s sustainability goals when it comes to operational emissions, high environmental standards were adopted during the Wuhan branch’s construction. It has been awarded the "Carbon Neutral Certificate" by China Quality Certification Center and the “Energy and Environmental Design Gold Level” certificate (LEED Gold Certification) issued by the U.S. Green Building Council.
(From left) Mr Yang Ze Fa, Vice Mayor of Wuhan; Mr Duan Yindi, Director General of Hubei Provincial Bureau of Local Financial Regulation and Supervision; Ms Chen Ping, Vice Governor of Hubei Province; Ms Helen Wong, OCBC Bank Group CEO; Mr Wang Ke, Director and CEO, OCBC Wing Hang China; and Mr Ye Jing (Tim), Wuhan Branch General Manager, OCBC Wing Hang China, officially opened OCBC Bank’s branch in Wuhan, the capital of Hubei province.
OCBC Bank Group CEO Ms Helen Wong delivered a welcome speech at the OCBC Wing Hang China Wuhan branch opening ceremony.