OCBC Bank and Bank of Shanghai deepened their strategic partnership and laid down the groundwork for future progress with the signing of an MOU on 24 May 2019 at the inaugural Singapore-Shanghai Comprehensive Cooperation Council (SSCCC) meeting in Shanghai.
The MOU embodies the holistic spirit of the SSCCC, reaffirming broad-based bilateral cooperation in trade finance, corporate banking, treasury, and investment banking solutions, and even extending into emerging areas such as digital banking, supply chain financing and cross-border capital markets.
In addition, apart from the business opportunities afforded, this cooperation leads to knowledge and resource sharing which strengthens the personal relationships within the two banking communities.
This MOU comes on the back of a significant relationship milestone for the two banks. Since the first MOU was signed in April 2017, both banks have seen a significant increase in business volumes with a growth in trade finance of over S$1 billion. OCBC Bank, with its expertise in Southeast Asia and extensive network comprising more than 570 branches and representative offices across 19 countries and regions, has been able to support Bank of Shanghai’s customers looking to grow in the region and capture these flows, and likewise for Bank of Shanghai, which has parlayed its wealth of knowledge and strong 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.