OCBC is looking to Greater China and Southeast Asia for a $2.2 billion boost in revenue
Publishing timestamp: 2023-07-03 21:16:35
Summary
OCBC, Southeast Asia's second largest bank, plans to unify its brand across its core markets in Greater China and Southeast Asia. The CEO, Helen Wong, believes that the combination of Greater China and ASEAN will contribute more to world GDP growth. The bank expects this strategy to bring in additional revenue of $2.2 billion by 2025. Wong also mentioned the potential business flows between the two regions due to China's reopening post-pandemic and other geopolitical factors. OCBC aims to capture growth by improving its digital customer service and expanding its presence in the region. The CEO also discussed the bank's outlook for the next half of 2023, mentioning the impact of high interest rates and the potential uncertainty in the investment activities of customers. OCBC has seen some money come in from the collapse of regional banks in the US, but the objective is to retain and serve customers effectively. OCBC shares have seen a 9% increase in the last 12 months.
Sentiment: NEUTRAL
Tickers: OCBC-SG,
Keywords: singapore, business news, china, banks, asia economy, oversea-chinese banking corporation ltd,