Oversea-Chinese Banking Corp. (OCBC Bank) has seen its pre-tax profit from the Greater China region surge to 20 percent of the total last year, reaching the goal three years earlier than expected, the Hong Kong Economic Journal reported.
The contribution from OCBC Wing Hang Bank amounted to 8 percent of the total, and the figure is expected to rise further in the coming years, the report said, citing the bank’s CEO Samuel Tsien.
The subsidiary bank posted HK$2.03 billion after-tax profit last year, up 19.2 percent from a year ago.
OCBC group will continue to add staff in different business segments in Hong Kong, Tsien said.
Meanwhile, it will push through the integration of the China operations of OCBC China and Wing Hang China, a year after OCBC Bank took over Wing Hang Bank.
Mainland authorities have approved the merger that is targeted to be completed in the second half of this year, said Tsien.
OCBC Bank is currently the fourth largest foreign bank in the Pearl River Delta, Tsien pointed out.
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