OCBC has extended its strategic partnership with Bank of Ningbo for another 10 years, strengthening a two-decade collaboration as business, trade, wealth and investment flows between ASEAN and Greater China continue to expand.
The new strategic cooperation agreement builds on the banks’ partnership, which began in 2006, and is intended to strengthen synergies between the two organisations as Chinese companies increasingly explore opportunities across ASEAN.
The partnership also reinforces OCBC’s role in facilitating cross-border business flows between China and Southeast Asia, supported by its regional network and China Business Offices established in ASEAN markets beyond Singapore in 2019.
ASEAN-Greater China Corridor Continues to Grow
The collaboration has supported strong business growth, particularly over the past decade. In 2025, OCBC recorded a 50% increase in the number of new-to-bank Chinese companies expanding into ASEAN, reaching a record high.
The broader ASEAN-Greater China corridor has also continued to strengthen. China has remained ASEAN’s largest trading partner since 2009, with bilateral trade exceeding US$1 trillion for the first time in 2025.
Against this backdrop, OCBC and Bank of Ningbo expect the corridor to present continued opportunities across cross-border trade, business expansion, wealth management and investment.
OCBC Group CEO Tan Teck Long said the partnership had generated synergies across wholesale banking and wealth management while creating value for both organisations.
“Further renewing our partnership for 10 years reflects the deep trust between both organisations and the shared conviction in the growth trajectory of the ASEAN-Greater China corridor,” Tan said.
He added that the two banks had been leveraging their complementary strengths to accelerate their cross-border growth and wealth ambitions, with plans to build further on the partnership over the next decade.
Connecting Chinese Businesses with ASEAN Opportunities
The partnership is underpinned by Bank of Ningbo’s domestic banking franchise in China and OCBC’s regional network across ASEAN and Greater China.
Bank of Ningbo is one of China’s leading commercial banks and one of the country’s 21 domestic systemically important banks. As at 11 September 2026, it was the largest city commercial bank in China by market capitalisation.
The bank recorded a net profit of RMB16.6 billion in the first half of 2026, representing a 12% increase from the same period a year earlier.
Its corporate, SME and retail businesses provide OCBC with access to a growing pool of Chinese customers seeking opportunities outside China, including in ASEAN markets.
The collaboration is therefore positioned to support Chinese companies looking to expand into Southeast Asia while connecting businesses and investors across both regions.
Two Decades of Strategic Cooperation
OCBC first invested in Ningbo Commercial Bank in 2006, acquiring a 12.2% stake before the bank was renamed Bank of Ningbo in 2007.
OCBC subsequently increased its shareholding to the maximum permitted 20% in 2014 and reaffirmed its long-term commitment through a 10-year strategic cooperation agreement in 2017.
The latest agreement extends this relationship for another decade, building on 20 years of collaboration between the two financial institutions.
OCBC Chairman Andrew Lee and Bank of Ningbo Chairman Zhuang Lingjun were present as OCBC Group CEO Tan Teck Long and Bank of Ningbo President Feng Peijiong signed the new agreement in Ningbo.
Continuing Investment in Banking Talent
Beyond business and financial cooperation, the new agreement also renews the banks’ commitment to talent development and knowledge sharing.
OCBC will continue its US$5 million training grant, first established under the 2006 agreement. The funding supports staff training, knowledge-sharing initiatives, staff secondments and leadership exchange programmes involving OCBC and Bank of Ningbo.
More than 1,000 employees across the two banks have benefited from these initiatives to date.
The continuation of the training programme reflects the broader scope of the partnership, which combines cross-border banking and business development with efforts to strengthen expertise and leadership capabilities across both organisations.
Building the ASEAN-China Business Corridor
With the new 10-year strategic cooperation agreement, OCBC and Bank of Ningbo will continue working together to capture opportunities arising from the growing economic links between China and ASEAN.
The partnership brings together Bank of Ningbo’s strong domestic presence in China with OCBC’s established regional network, providing a platform for further cooperation in cross-border business, trade, wealth management and investment.
As companies continue to explore expansion opportunities across the ASEAN-Greater China corridor, the two banks will seek to deepen their collaboration and support the evolving needs of businesses operating between the two markets.
