OCBC's long history in Xiamen a symbol of enduring China-S'pore ties
Xiamen
THE opening of a reconstructed OCBC Building in Xiamen on Thursday was held up as a symbol of the long-standing and enduring ties between Singapore and China by Singapore's Minister for Finance Heng Swee Keat.
Noting that OCBC Bank has a long history in China, opening its doors here long before China became a key global investment destination, Mr Heng said: "The China-Singapore relationship is similarly an enduring one that has stood the test of time."
He added that the two countries would strengthen financial ties, with financial institutions from both sides continuing to expand in each other's markets. "With the Belt and Road Initiative (BRI) and the Chongqing Connectivity Initiative (CCI), there will be more avenues for us to deepen our financial and economic cooperation."
Prime Minister Lee Hsien Loong and Deputy Governor of Fujian province Lee De Jin were at the ceremony to unveil the new OCBC Building in Xiamen. Another Chinese government dignitary present was Xiamen Deputy Mayor Han Jing Yi.
The ceremony was also witnessed by OCBC group CEO Samuel Tsien, OCBC Wing Hang China CEO Kng Hwee Tin, around 40 OCBC corporate customers and nine senior executives of OCBC and OCBC Wing Hang China.
Xiamen holds special significance for OCBC as it is the city where the bank first entered China in 1925. OCBC's first China branch was set up in the city in 1925, through one of its founding banks, Ho Hong Bank. In 1932, Ho Hong Bank, Chinese Commercial Bank and Oversea-Chinese Bank merged to form Oversea-Chinese Banking Corporation (OCBC).
"Our heritage in China can be traced to our first branch in Xiamen - opened in 1925 by one of our founding banks, Ho Hong Bank. OCBC Bank was founded by Lee Kong Chian, son-in-law of Tan Kah Kee who was a well-known Chinese businessman and philanthropist," Mr Tsien said in his speech.
"Over the last 90 years, we have expanded our presence beyond Singapore, growing our business in the South-east Asia region while also investing in China in tandem with the country's economic progress."
The previous building, which was OCBC's first major fixed asset investment in China, housed the bank's Xiamen branch when it was completed in 1947. Since then, OCBC has maintained a continuous presence in China for more than 90 years.
The new building retains the modern-classical architectural style of the old; as well as a green canopy above the entrance, a prominent feature of the former building and a holdover from the original design.
It will also be home to Xiamen's new Qiao Pi Gallery. The gallery, showcasing the city's rich history, will be located on the ground level of the premises next to the bank's reception area. THE STRAITS TIMES
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