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OCBC Bank said on Monday it has merged its two subsidiaries in China - OCBC Bank (China) and Wing Hang Bank (China) Limited - to form OCBC Wing Hang Bank (China) Limited.
OCBC Wing Hang China has a registered capital of five billion yuan (S$1 billion) and is a wholly owned subsidiary of OCBC Wing Hang in Hong Kong, which is itself 100 per cent owned by OCBC Bank. It is headquartered in Shanghai.
OCBC Wing Hang China now employs more than 1,500 staff at its 32 branches and sub-branches across 14 cities in China. In the Pearl River Delta region in China, OCBC Wing Hang China has 13 branches and sub-branches, largest among the Singapore banks.
"The establishment of OCBC Wing Hang China empowers OCBC Bank to effectively drive our Greater China strategy across the key markets of China, Hong Kong and Macau - under one single platform and a unified brand name of OCBC Wing Hang. With the merger, we have also complied with China's single presence policy for foreign banks," the bank said.