OCBC Bank and Bank of Shanghai deepened their strategic partnership and laid down the groundwork for future cooperation with the signing of an MOU on May 24 2019 at the inaugural Singapore-Shanghai Comprehensive Cooperation Council (SSCCC) meeting in Shanghai.
OCBC Bank, with its focus directed at Southeast Asia, operates an extensive network comprising more than 570 branches and representative offices across 19 countries and regions. It has been able to support Bank of Shanghai’s customers looking to grow in the region, and likewise for Bank of Shanghai, which has used its business ties in China to assist OCBC Bank clients looking to grow in China.
With ASEAN and China’s leaders having 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.
In April 2017, OCBC Bank and Bank of Shanghai signed their first MOU at the 3rd Singapore-Shanghai Financial Forum, jointly organised by the Monetary Authority of Singapore and the Shanghai Financial Services Office. The agreement facilitates the two banks’ collaboration across a range of business areas including trade finance, corporate and investment banking, treasury, settlement, loans and cross-border financing to support the in-market and cross-border needs of each other’s customers.
Both banks are cooperating to build capabilities and explore joint business opportunities including making customer and business referrals to each other.