OCBC inks staff training deal with Bank of Ningbo
The bank will provide US$5m as training grant for the China-based bankers.
OCBC Bank has entered into a 10-year strategic cooperation agreement with its associate company Bank of Ningbo (BON) to deepen collaboration across a broad range of business areas, intensify knowledge sharing and scale up staff training.
This initiative accelerates the efforts of both banks in growing their businesses and serving the onshore and offshore needs of customers in China’s Greater Bay Area and Southeast Asia.
It builds on a decade of partnership between the two since OCBC Bank first acquired a 12.2% equity holding in Ningbo Commercial Bank in 2006. OCBC Bank subsequently raised its stake in the renamed Bank of Ningbo to 20% - the maximum allowed – in 2014.
Under the agreement, OCBC Bank and BON will leverage each other’s strengths, networks and platforms, to realise business opportunities in areas such as corporate banking, treasury, investment banking and wealth management. The collaboration extends to product development, the enhancement of product offerings, supporting customers with funding and capital market solutions and growing the customer base.
OCBC Bank will provide US$5m as training grant to support training initiatives involving BON employees over the next ten years. BON in turn will bear expenses incurred by OCBC Bank’s employees when they participate in training programmes at BON.