The OCBC logo displayed on a smartphone.
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Singapore’s second largest bank OCBC BankOversea-Chinese Banking Corporation (OCBC) said on Monday it expects to boost its revenue by S$3 billion, or US$2.22 billion, by 2025. release First-quarter profits hit a record high in May.
OCBC, which is also Southeast Asia’s second-largest bank by assets, said its expectations were the result of its latest move to unify its brands in its core markets of China and Southeast Asia to capture growth opportunities there.
The bank did not reveal a total revenue target for 2025. The total revenue in 2022 is S$11.68 billion.
“This potential is magnified by China’s post-pandemic reopening, the impact of ASEAN’s rise on the China Plus One strategy, and other geopolitical factors,” OCBC Group CEO Helen Wong said in a statement.
Singaporean banks are also benefiting from inflows from depositors seeking safe haven in global banking turmoil and uncertainties in the world economy and geopolitics.
OCBC said in a statement that it will invest more than S$50 million over the next three years to strengthen its transaction banking capabilities in Greater China.
It added that it aims to achieve more than 500 cash management regional assignments over the next five years.
OCBC said it also plans to double its investment banking revenue within three years.
The bank said it will increase the number of corporate and commercial bankers by 30% to about 400 by 2024, some of whom will be based in business offices in Greater China.
In its wealth management business, OCBC aims to double its assets under management in Greater China by 2025.
Jason Moo, chief executive of Bank of Singapore, OCBC’s private banking unit, said the bank’s team of relationship managers will grow to more than 500 by 2025, from about 400 currently.
OCBC Bank is also strengthening its ability to serve Chinese customers, with the goal of increasing Southeast Asia and Greater China-related revenue by more than 50% by 2025.
OCBC said the Singapore bank aims to increase its assets under management by more than 16% to $145 billion between now and the end of 2025.