Singapore's OCBC Bank cemented its long-term commitment to China when it said yesterday that it will invest 902 million yuan (US$141 million) for a building in Shanghai's Pudong New Area as its China headquarters.
The bank paid about 310.7 million yuan in cash for 100 percent ownership of the six-floor building, and will pay another 591.3 million yuan in loans. The building will serve as its new China headquarters next year.
Signaling its intention, Leong Wai Leng, chairwoman and chief executive officer of OCBC Bank (China) Ltd, yesterday said OCBC Bank will continue to grow in the country, particularly in the wealthier eastern coast as well as the emerging central and west China regions.
Leong said China's tighter curb on wealth management products will offer opportunities to the bank to tap growing demand for them.
