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Asia Connect / Treasury & Capital Markets
OCBC, Bank of Shanghai sign MOU
MOU signed in Shanghai reaffirms cooperation in trade finance, corporate banking, treasury, and investment banking solutions
The Asset 27 May 2019

OCBC Bank and Bank of Shanghai signed an MOU to deepen their strategic partnership at the inaugural Singapore-Shanghai Comprehensive Cooperation Council (SSCCC) meeting in Shanghai on May 24.

The MOU reaffirms broad-based bilateral cooperation in trade finance, corporate banking, treasury, and investment banking solutions, and even extending into emerging areas such as digital banking, supply chain financing and cross-border capital markets.

This MOU comes on the back of a significant relationship milestone for the two banks. Since the two banks first signed an MOU in April 2017, both banks have seen a significant increase in business volumes with a growth in trade finance of over S$1 billion (US$730 million).

OCBC Bank, with a network comprising more than 570 branches and representative offices across 19 countries and regions, has been able to support Bank of Shanghai’s customers looking to grow in those places. Bank of Shanghai has parlayed its knowledge and strong business ties in China to assist OCBC Bank clients looking to grow in China.

OCBC Bank and Bank of Shanghai signed their first MOU at the 3rd Singapore-Shanghai Financial Forum in 2017. The two banks then signed a second MOU at Bank of Shanghai’s Belt and Road Cross Border Collaboration Seminar in April 2018.

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