Driven by strong demand for wealth management and insurance solutions in Asia, OCBC posted record financial results for the third year in a row. The Singapore-based bank reported a net profit of S$7.6 billion (US$5.9 billion) for its 2024 financial year, and total income rose by 7 per cent to S$14.5 billion.
Within the year, OCBC Premier Banking realised double-digit growth in new-to-bank customers and assets under management, while its mainland China customer base also increased twofold during the same period. The bank attributes its success to the “twin-hub” approach, which leverages the bank’s positions in Singapore and Hong Kong to run operations across Asean (Association of Southeast Asian Nations).
“The financial hubs of Singapore and Hong Kong offer unique advantages for customers looking to expand into Asean countries and vice versa,” says Sunny Quek, OCBC’s head of Global Consumer Financial Services. “Through the twin-hub proposition, OCBC Premier Banking is strategically positioned to serve the region’s affluent investors. We provide them with a dedicated team of specialists and relationship managers, along with a comprehensive range of banking services and wealth management solutions in Asia.”
To mark OCBC Premier Banking’s strong business growth, the bank’s Consumer Financial Services division held twin celebrations in Hong Kong last month. It launched a commercial campaign featuring Chinese-Canadian actress and singer Linda Chung, the newly appointed brand ambassador. In addition, and timed to coincide with celebrations for the city’s annual Dragon Boat Festival, OCBC executives from Singapore and Hong Kong sailed across Victoria Harbour on the Dukling, a traditional Chinese junk and a much-loved part of the city’s history.
The choice of the vessel is significant for OCBC. Since 1932, a Chinese sailing ship has been at the heart of its logo, representing the resilient, entrepreneurial spirit of the bank as it ventured into Asean to build the financial infrastructure that has helped power the region’s economy and benefited generations.
“That spirit is still anchored in our core values,” Quek says, adding that to meet the emerging needs of offshore customers, the bank will further enhance its regional premier services with seamless regional banking connectivity, cross-border remittance solutions and access to exclusive healthcare, education and lifestyle privileges.
Meaning of time
To showcase the bank’s twin-hub strategy, its consumer financial services division unveiled a new commercial campaign “Give Time Greater Meaning” at Hong Kong’s Island Shangri-La hotel. In a show of support for the local film industry, the commercial was directed by award-winning Hong Kong director Nick Cheuk. The segment features brand ambassador Linda Chung and her daughter, Kelly Leung, highlighting OCBC’s premier banking and wealth management services.
