Bank of Singapore (BOS), the Internet banking subsdiary of Oversea-Chinese Banking Corporation (OCBC), is migrating its finixis corporate customers to its parent company OCBC as part of an effort to focus resources on building its FinatiQ consumer business.
Tan Ngiap Joo, deputy president of OCBC Bank and chief executive officer of BOS, explains: "As Internet banking continues to evolve rapidly, we must ensure that the Bank of Singapore model is attuned to market needs and developments and contributes to OCBC Bank's overall shareholder value. The corporate business has proven particularly challenging. Despite Bank of Singapore's best efforts, finixis was unable to achieve the critical mass needed."
Existing finixis customers will be encouraged to migrate their banking relationships to comparable OCBC Bank products or services.
YY Chin, OCBC Bank's executive vice president and head, consumer financial services and channels, says: "Our finixis customers will now have full access to a broader range of financial products and services - for example, foreign currency deposits and loans, corporate credit cards and property loans. In doing so, we will leverage the experience and knowledge of the core OCBC Bank."