Foreign banks chase China’s pot of gold despite geopolitical tensions

WHILE investors debate whether China is still investible, global financial institutions including DBS and OCBC in Singapore are expanding operations in the mainland, shrugging off the geopolitical tensions as short-term bumps for a lucrative future.

Banks The Business Times (BT) spoke to said their confidence and long-term commitment to China remain intact despite Beijing’s strict zero-Covid policy, which has seen many major cities such as Shanghai and Beijing under lockdown or some form of travel restrictions.

Tan Wing Ming, Acting Head of Greater China at OCBC Bank, acknowledged the lockdown in China has caused some disruption to the global supply chain and the bank is monitoring the situation closely.