OCBC is said to be apparently planning to launch a wealth management business in China as part of a strategy to double its profit in 5 years in the country’s so-called Greater Bay Area, according to the bank’s chief executive.
Following this, the Greater Bay Area consists of Macau, Hong Kong and 9 southern Chinese cities to create a business powerhouse that will seek to compete with other metropolitan megacity hubs and resemble others like New York, Los Angeles or Tokyo.
The bank expects the new wealth management business and the expansion of its presence in the Greater Bay Area to be a “new growth driver”, according to CEO Samuel Tsien. Moreover, OCBC did not give a timeframe for the new launch, which will be liable to regulatory approvals.
In addition, these plans should aid OCBC in doubling its profit before tax in the Greater Bay Area to more than S$1 billion by 2023.