OCBC bank merges subsidiaries to create single platform
OCBC Bank has merged its two banking units in China, creating OCBC Wing Hang Bank China from OCBC Bank China and Wing Hang Bank China. OCBC Wing Hang has registered capital of RMB5bn ($746m) with more than 1,500 employees across 32 branches. OCBC bank, which owns 100% of OCBC Wing Hang, has conducted the merger in an effort to drive its Greater China strategy across China, Hong Kong and Macau under a single platform and a unified brand name.

OCBC Bank has merged its two banking units in China - OCBC Bank (China) and Wing Hang Bank (China) - to become OCBC Wing Hang Bank (China).

OCBC Wing Hang China, which has its headquarters in Shanghai, has a registered capital of five billion yuan (S$1 billion).

It is a wholly owned subsidiary of OCBC Wing Hang in Hong Kong, which is 100 per cent owned by OCBC Bank.

OCBC Wing Hang China employs more than 1,500 people at its 32 branches and sub-branches across 14 cities in China.

"The establishment of OCBC Wing Hang China empowers OCBC Bank to effectively drive its Greater China strategy across the key markets of China, Hong Kong and Macau - under one single platform and a unified brand name of OCBC Wing Hang," OCBC said in a statement yesterday.