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OCBC Bank in 10-year strategic cooperation agreement with Bank of Ningbo
OCBC Bank said on Tuesday that it has entered into a 10-year strategic cooperation agreement with its associate company Bank of Ningbo (BON) to deepen collaboration across a broad range of business areas.
Under the agreement, signed on August 17, OCBC Bank and BON will leverage each other's strengths and networks to realise business opportunities and serve customers in the Greater Bay Area and South-east Asia.
The collaboration in areas such as corporate banking, treasury, investment banking and wealth management also extends to product development and capital market solutions.
OCBC Bank will provide US$5 million as a training grant to support training initiatives involving BON employees over the next ten years. BON in turn will bear expenses incurred by OCBC Bank's employees when they participate in training programmes at BON.
OCBC has a 20 per cent stake in BON.