OCBC Sets Target to Double Profit in China's Greater Bay Area
- Singaporean bank aims for S$1 billion of pretax profit by 2023
- Economy in area around Guangdong may rival Tokyo, New York
A worker pulls a cart under the Liede Bridge over the Pearl River in Guangzhou, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Oversea-Chinese Banking Corp. aims to double profit from China’s Greater Bay Area, the latest move by the Singaporean lender to expand in the growing region around the southern province of Guangdong.
Chief Executive Officer Samuel Tsien aims to generate S$1 billion ($740 million) of pretax profit in the area encompassing Hong Kong, Macau and nearby mainland cities by 2023, up from S$500 million in 2017. He plans to boost technology spending and staff in the region.