The two banking groups are deepening a partnership begun originally a decade ago, developing business areas that include wealth management.

Oversea-Chinese Banking Corporation (aka OCBC) has signed a 10-year agreement with its associate company Bank of Ningbo to develop a number of business areas further, including wealth management. OCBC is parent of Bank of Signapore, the private bank.

The agreement is designed to help both lenders serve the onshore and offshore needs of client in China’s Greater Bay Area and Southeast Asia. The pact builds on a partnership inked a decade ago. OCBC Bank bought a 12.2 per cent equity stake in Ningbo Commercial in 2006. That stake later rose to 20 per cent – the maximum share allowed – in 2014.

“Under the agreement, OCBC Bank and BON will leverage each other’s strengths, networks and platforms, to realise business opportunities in areas such as corporate banking, treasury, investment banking and wealth management. The collaboration extends to product development, the enhancement of product offerings, supporting customers with funding and capital market solutions and growing the customer base,” OCBC said in a statement yesterday. 

Banks will share knowledge, with training and employee secondment, as part of the agreement.

OCBC Bank will provide $5 million as a training grant to support training initiatives involving BON employees over the next ten years. BON in turn will bear expenses incurred by OCBC Bank’s employees when they participate in training programmes at BON.