OCBC signs pact to channel $17b into key British industries

Bank will also support UK firms expanding operations into S'pore and South-east Asia

- Ovais Subhani

Singapore bank OCBC has signed an agreement with the government of Britain to channel $17 billion of foreign investments into British energy, infrastructure and real estate by 2030.

OCBC said the commitment was sealed on April 2 between the bank and the UK's Office for Investment (OFI) in London.

Britain's Minister of State for Investment Poppy Gustafsson signed the pact with OCBC's head of global corporate banking Elaine Lam.

"This is the first such strategic partnership agreement between OFI and a Singapore bank, and the largest inward investment that OFI has established with an Asian bank," OCBC said in a statement.

The bank said the agreement seeks to promote the UK as a hub for businesses, investors and services involved in and leading the energy transition.

OCBC will also support UK businesses expanding into or establishing operations in Singapore and South-east Asia.

"This builds on the UK's entry into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) free trade agreement last year," OCBC said, adding that UK companies will enjoy greater access to CPTPP markets, and there will potentially be more trade flows into South-east Asia from the UK.

To achieve these goals, OCBC and OFI will work together on initiatives to foster knowledge-sharing and facilitate relationships between OCBC and UK businesses, institutions or agencies.