OCBC expands wealth management, corporate banking in Macau to tap Greater Bay Area clients
- OCBC sees wealth management as it key growth engine in Macau and would like to serve corporate clients expanding in the gaming hub, bank’s local head says
![Tourists visit the Ruins of St Paul, one of the most iconic tourist attractions in Macau. Photo: Elson Li](https://cdn.i-scmp.com/sites/default/files/styles/1020x680/public/d8/images/canvas/2024/07/12/7b29ff4d-bf9e-4d2c-8f45-15460382b546_79aa6ed4.jpg?itok=SMwIZcG0&v=1720791666)
Singaporean banking giant OCBC Group is expanding its wealth management and corporate banking business in Macau to tap opportunities in the Greater Bay Area and offset falling demand for mortgages.
“Wealth management will be our future growth engine,” Kelvin Lou Po-hong, the CEO of OCBC Macau, said in an interview in the gaming hub. “We would also like to serve more corporate clients who are expanding in Macau, riding on the government’s policies to diversify the economy.”
OCBC is diversifying into these new areas because mortgage lending, the bank’s core business in Macau, has declined in recent years due to falling property transactions, he added.
OCBC, the second largest bank in Southeast Asia by assets, joins a slew of financial firms such as Manulife, Prudential and HSBC Life that have expanded in the gaming hub.
![Kelvin Lou Po-hong, the CEO of OCBC Macau. Photo: Enoch Yiu Kelvin Lou Po-hong, the CEO of OCBC Macau. Photo: Enoch Yiu](https://img.i-scmp.com/cdn-cgi/image/fit=contain,width=1024,format=auto/sites/default/files/d8/images/canvas/2024/07/12/b7dc1cbe-62f0-4f3c-a1bf-cc2d94ddfa8e_880c3aca.jpg)
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