OCBC Group: Greater than the sum of its parts

How Singapore's oldest bank is leveraging its diversified franchise and Asean-Greater China positioning

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More than nine decades after three struggling banks merged for survival in the Great Depression, OCBC Group has honed the art of being greater than the sum of its parts. This, and its long-standing presence in Asia's most dynamic markets, drives its "One Group" push today.

That is the heart of OCBC's corporate strategy, refreshed in 2022, which focuses on capturing ASEAN-Greater China trade and investment flows and rising Asian wealth—trends OCBC expects will continue for years to come. The payoff is clear: 2024 marked the group's third consecutive year of record earnings, which hit S$7.59 billion.

It is testament to the group being in the right place, at the right time, with the right approach to capture opportunities by working as One Group.

Deep Asean-Greater China roots And where it is today is the result of a Greater China and Asean network built up over decades, with roots in key markets that predate its own 1932 founding.

Three Hokkien banks in Singapore—Chinese Commercial Bank, Ho Hong Bank and Oversea-Chinese Bank—merged to form OCBC when their 1920s prosperity crumbled due to plummeting rubber prices and foreign exchange losses. But they had expanded regionally by then.

Hence, when OCBC opened its Chulia Street doors in 1933, it did so as the Straits Settlements' strongest and largest local bank—with 17 branches across Malaya, the Dutch Indies, China and Hong Kong.

In Singapore, OCBC expanded from commercial banking to develop expertise in investment banking, fund management, and the fiercely competitive retail banking space. From financing post-war rebuilding and rapid industrialisation to Singapore's rise as a financial services hub, OCBC was there.