OCBC extends Bank of Ningbo partnership with new 10-year agreement

OCBC has extended its partnership with Bank of Ningbo for another decade, signing a new 10-year agreement to capitalize on expanding business, trade, wealth, and investment opportunities in Southeast Asia and Greater China. The Singapore-based bank, which holds a 20% stake in Bank of Ningbo, aims to deepen synergies between the two organizations as the Asean-Greater China corridor presents strong growth potential.

The renewed collaboration will see OCBC and Bank of Ningbo continue to work together in wholesale banking and wealth management. Additionally, OCBC will contribute a US$5 million training grant to support talent development and knowledge-sharing initiatives between the banks, building upon the existing US$5 million grant established in their 2006 agreement.

First introduced in 2017, the first 10-year strategic cooperation agreement has already benefited over 1,000 employees from both institutions through staff training, secondment, and leadership exchange programs. The partnership has played a significant role in facilitating cross-border flows between China and Southeast Asia, contributing to OCBC's record-high growth in attracting new-to-bank Chinese companies expanding into the region.

Bank of Ningbo's robust corporate, SME, and retail franchise provides OCBC with access to a growing pool of Chinese customers seeking opportunities beyond China's borders. The Chinese bank reported a net profit of RMB16.6 billion (US$2.5 billion) for the first half of 2026, marking a 12% increase from the previous year, and is among the country's 21 domestic systemically important banks.

OCBC Group Chief Executive Tan Teck Long expressed his satisfaction with the renewed partnership, stating that it reflects the deep trust between the two organizations and their shared conviction in the growth trajectory of the Asean-Greater China corridor. OCBC's shares closed 0.3% higher at S$31.28 following the announcement of the extended partnership.