Singapore’s OCBC undergoes rebrand, seeks to grow presence in China

OCBC has unveiled a newly unified brand across its core markets, consisting of legal name changes to its key subsidiaries in ASEAN and Greater China, as part of their ongoing One Group initiative. The changes come as the banking corporation seeks to meet their goal of achieving S$3 billion in incremental revenue over the next three years in the region.

Key changes of note: In Hong Kong SAR, OCBC Wing Hang Bank Limited is now OCBC Bank (Hong Kong) Limited and in Macau SAR, Banco OCBC Weng Hang, S.A. is now OCBC Bank (Macau) Limited. Pending regulatory approval, OCBC Wing Hang Bank (China) Limited will also change its legal name to OCBC Bank Limited in mainland China in the fourth quarter of 2023.

To commemorate the changes, OCBC has also launched a modernised logo for its banking entities, including their Indonesian subsidiary (OCBC NISP). The Bank of Singapore will remain as is.

OCBC’s well-known Chinese sailing ship (representing the entrepreneurial spirit of its founding fathers) has been represented on every iteration of its logo since 1912, and was last updated in 1998. In tandem with the aesthetic refresh, a new tagline has also been announced: ‘For Now and Beyond’ – pertaining to OCBC’s promise of forward-thinking when it comes to their commitment to investments, dealings and leaving a lasting impact.

Top: new logo, Bottom: old logo

In accordance with a press release shared, OCBC currently employs 4,500 staff across 67 branches in 17 cities in mainland China, Hong Kong SAR, Macau SAR and Taiwan, in partnership with Bank of Ningbo, and will make continue to make further investments into its wholesale banking business in Greater China. The bank has already invested S$140 million over the past three years to build up its digital capabilities. Key areas of focus will include transaction banking, with S$50 million allocated over the next three years to enhance this offering in the region.

“The flow business between ASEAN and Greater China is not new to us. We recognise its potential. Over the years, we have built a strong franchise and put ourselves in a very good position to capture these flows. The effects of China’s reopening post-pandemic, the rise of ASEAN for the China plus one strategy and other geopolitical factors have amplified this potential,” shared Helen Wong, group chief executive officer of OCBC in a release.

“The unified brand that we have unveiled today is yet another strategic move. It solidifies our One Group approach, one of eight core pillars of our Corporate Strategy that was refreshed in 2022. It also furthers our commitment to customers: that when they bank with us, they have the collective strength of OCBC Group supporting them seamlessly across markets.”