Maiden contribution: OCBC receives $38m from Wing Hang Bank in 3Q

And plans to used WHB to leverage into China.

The benefits of the acquisition of Wing Hang Bank is starting to materialize for OCBC.

3Q14 results included S$38m contribution from Wing Hang Bank (WHB) after imputing merger-related adjustments for depreciation and provisions. Incorporating WHB, Greater China pre-tax profit was enhanced by 1% to 11% in 3Q14.

Excluding WHB, operating expenses would have risen by 15% y-o-y, 4% q-o-q. Integration with WHB going well. Although the integration process has been smooth, a lot more needs to be done. OCBC plans to shore up product development and promotions, particularly on treasury products.

According to a report by DBS, OCBC plans to establish a team to tap onto SME owners who are currently WHB’s customers, to initiate wealth management relationships. WHB has a CEPA (Closer Economic Partnership Arrangement) which allows it to open branches and carry out business in China. The intention is to merge OCBC’s operations into WHB in order to continue enjoying the CEPA benefits.

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