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OCBC said on Friday that loans growth at its Chongqing branch (operated by wholly owned subsidiary OCBC Wing Hang China) had tripled year-on-year in November 2016 as a result of increased business activity.
The bank attributed the latter to the Chongqing Connectivity Initiative (CCI), which was launched in November 2015 to promote cooperation between Singapore and Chongqing on multiple fronts, including financial services.
OCBC added that leveraging the CCI, it has inked partnership agreements with local financial institutions, such as Chongqing Rural Commercial Bank and the Chongqing branch of China Construction Bank, to collaborate in a broad range of business areas.
OCBC has also deepened relationships with state-owned enterprises such as the Chongqing Foreign Trade and Economic Cooperation Group to service their financing and business expansion needs.