OCBC opens sub-branch in Shanghai FTZ
OCBC Bank yesterday opened a sub-branch at the Shanghai Pilot Free Trade Zone (FTZ), an area earmarked as a test bed for China's economic and financial reforms.
The branch, located at the Shanghai International Trust and Trade Tower, will serve clients looking into setting up within the zone, the bank said in a statement yesterday.
Kng Hwee Tin, chief executive of OCBC China, said: "Having a branch (in the Shanghai FTZ) is consistent with our strategy of serving our customers both in the countries where they are domiciled, as well as supporting their offshore and cross-border businesses across the markets that we are in."
The FTZ, launched on Sept 29 last year, is part of China's plan to reform its economy and rival Hong Kong as a financial hub. Within the zone, usage of the yuan as well as other regulations are relaxed.
Since the official opening, 17,000 new companies have been set up in the zone.
OCBC has 16 branches and sub-branches across nine cities in China.