OCBC seeking partner for China securities business

Oversea-Chinese Banking Corp is looking for a Chinese firm to team up with on a securities joint venture on the mainland, the latest foreign bank seeking to capitalise on the nation's financial-industry loosening.[SINGAPORE] Oversea-Chinese Banking Corp is looking for a Chinese firm to team up with on a securities joint venture on the mainland, the latest foreign bank seeking to capitalise on the nation's financial-industry loosening.

"We will prefer to partner with companies that have a larger franchise already" so OCBC can sell into its existing client base, Mr Tsien said, adding that the bank hasn't applied for a license yet. Mr Tsien said OCBC is on track to achieve a goal of doubling pretax profit in China's Greater Bay Area to S$1 billion by 2023."It's possible that we're able to beat that," he said.

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