OCBC celebrates success with ‘Christmas Festival’ for customers in Hong Kong and Singapore
The bank, which has reported record net profits of S$5.90 billion for the first nine months of 2024, hands out authentic Singaporean pandan cakes
To celebrate OCBC’s strong performance over the past two years, and to thank customers for their continued support, the Singapore-headquartered bank held its first “Christmas Festival” earlier this month in Hong Kong. The bank reported a net profit of S$1.97 billion (US$1.34 billion) for the third quarter of 2024, a 9 per cent increase on the previous year.
The event was held at OCBC Hong Kong’s main branch in Central. Wang Ke, CEO at OCBC Hong Kong and Josephine Lee, head of Consumer Financial Services at OCBC Hong Kong, kicked off the ceremony, joined by guests including well-known actress and television host Kelly Cheung, as well as the bank’s Consumer Financial Services team and branch staff. Select branches in both Singapore and Hong Kong also participated in handing out more than 1,000 boxes of pandan cakes to customers and the wider community.
To share a taste of Singaporean heritage with its customers, the bank arranged for pandan cakes from one of Singapore’s most famous brands, Old Seng Choong, to be shipped from the city to Hong Kong. The delicacies were hand-picked by Singapore-based Sunny Quek, head of Global Consumer Financial Services at OCBC, ensuring customers an authentic tasting experience.
Established in 1965, Old Seng Choong makes traditional biscuits and cakes, including its popular light and soft pandan chiffon cake. Like OCBC, it is a well-known Singapore-born brand with a rich history. For the bank, the festive event was an opportunity to give customers in Hong Kong a taste of the famous cake, a symbol of its commitment to building “value-added, long-lasting relationships”.
OCBC’s strong performance, despite a volatile business environment, was mainly driven by the group’s total income of S$3.80 billion in the third quarter which reached another record high. It had previously reported record net profits consecutively from 2022-23. The group’s net profit for the first nine months of the year increased by 9 per cent from a year earlier to S$5.90 billion.
Aside from robust income growth, a key driver of the earnings is the bank’s distinctive “Singapore and Hong Kong twin-hub” proposition, in which its operations in both locations ensure it is well-positioned to be a window to the Asean zone and a gateway for Greater China to connect with overseas markets. This allows the bank to capture the two-way business flows between Greater China and Asean nations, especially as the wealth flows between the two regions have gained prominence in recent years. The two financial hubs of Singapore and Hong Kong carry unique advantages for customers to expand into Asean nations.
Through the twin-hub strategy, OCBC Premier Banking leverages its strategic presence in both locations, allowing customers in Hong Kong and Greater China to benefit from diverse banking capabilities and synergies under its “One Group” approach.
“As One Group, we are dedicated to supporting customers’ wealth ambitions beyond borders with our deep local knowledge – for now, and beyond,” says Lee. “To meet customers’ needs, OCBC Premier Banking provides customised services with a dedicated relationship manager, a full range of onshore and offshore banking services in Asia, comprehensive wealth management solutions, and Premier privileges including regional healthcare, education and lifestyle.”
OCBC Premier Banking’s assets under management recorded double-digit growth this year, an achievement aided by its growing customer base. The bank’s offshore mainland China customer base also doubled in size from the previous year, with clients benefiting from the ease of account opening and onboarding experience brought about by the transformation of the bank’s digitalised operations.
OCBC believes the region continues to offer compelling banking and wealth management opportunities. By operating the twin-hub strategy, OCBC continues to be one of Asia’s leading financial services partners and is well-equipped to meet the emerging needs and opportunities of the Asean-Greater China region.
The bank sees Hong Kong continuing to be an effective gateway to mainland China and playing a role as a superconnector between the country and global markets. In line with this, OCBC announced an investment of HK$1.5 billion (US$193 million) earlier this year to enhance its technological platform to boost operations, product offerings and customer experience, as well as upgrade its offices in Hong Kong and Macau.
“We will remain focused on strengthening our digital and banking capabilities,” says Wang. “OCBC Premier Banking is making an impact on the local affluent segment with its distinctive Singapore and Hong Kong twin-hub strategy, which is addressing the emerging needs of customers in Hong Kong and Greater China,” he says, adding it aims to be one of the top 10 banks in Hong Kong within the next five years.
Currently, OCBC is the second-largest financial services group in Southeast Asia by assets. Recognised for its financial strength and stability, the bank is consistently ranked among the World’s Top 50 Safest Banks by Global Finance magazine and has been named Best Managed Bank in Singapore by The Asian Banker.