OCBC Premier Banking celebrates strong business growth, credits ‘twin-hub’ strategy
Bank announces actress Linda Chung as brand ambassador and unveils new commercial campaign ‘Give Time Greater Meaning’
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.
“Chung is a versatile actress who’s played the roles of wives, mothers and daughters,” says Josephine Lee, head of Consumer Financial Services at OCBC Hong Kong, adding that the actress represents the successful, family-oriented Chinese demographic that resonates well with audiences.
“No matter how hard we work for ourselves or our families, our time is limited,” Lee says. “By finding a trustworthy banking partner to take care of wealth management and banking needs, our customers can enjoy quality family time and pursue their interests – it’s like giving time greater meaning.”
The commercial campaign pays homage to OCBC’s long-established commitment to customer service. “Customers can now benefit from our regional service model, which allows them to apply to open premier banking accounts in Singapore and Hong Kong simultaneously, without having to repeat the onboarding process in either location. This seamless experience will be extended to customers in Macau, Malaysia and Indonesia in the future as well,” Lee says.
The bank’s robust earnings growth and strong capital position enable long-term value for sustainable growth, according to Wang Ke, OCBC’s head of Greater China and CEO of OCBC Hong Kong. “OCBC Hong Kong will continue to keep its growth road map on both digital and banking capabilities,” he says. “We see our offshore customer base benefiting from the ease of account opening and onboarding experience brought about by the transformation of the bank’s digitalised operations.”
Strategies to generate future development include expanding its digital platforms and banking capabilities in Hong Kong, leveraging both its core banking system and OCBC’s unifying “One Group” strategy to boost operations, and introducing new product offerings and enhanced banking experiences for Hong Kong and Greater China customers.
The bank is on course to become one of the top 10 banks in Hong Kong within the next five years, Wang says. “OCBC has always been about reliability and integrity. Our proactive and prudent risk management has kept our portfolio quality healthy and credit costs low across all markets, including Hong Kong. Our commitment is not just to the present, but also to the future with long-lasting impact.”