- The private banking unit of Singapore’s second-biggest lender OCBC is exploring launching an onshore presence in China either with a domestic partner or on its own, its CEO told the Reuters Global Wealth Management Summit on Thursday.
- Regional and global banks have been cautious about setting up a local private banking and wealth management presence in China due to regulatory restrictions and the nation’s relatively less developed capital market. But as the world’s second-biggest economy continues to open up, the banks are reassessing their plans.
- Earlier this week, Standard Chartered Plc said at the Summit it will consider next year whether it should start an onshore private bank in China.
- “We are looking to explore partnerships, joint ventures or any other mode in which we can bring our offshore expertise DEL to an onshore setup that already has a good client base,” said Bahren Shaari, CEO of Bank of Singapore.
- “Whether we will set up our own Bank of Singapore entity is also something we are exploring,” he said. The CEO did not give a timeline for the plan.
- OCBC already has an onshore presence in China with branches in major Chinese cities, while its subsidiary Wing Hang China has a strong presence in the Pearl river delta region in Guangdong province.