SINGAPORE (Aug 21): OCBC Bank on Aug 17 signed 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.

According to the OCBC press release, the 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.

The agreement 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.

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