Oversea-Chinese Banking Corp. Ltd. merged its twobanking subsidiaries in China to unify their branding and to comply withregulations.
The group said July 18 that it merged its two Chinese units,OCBC Bank (China)Ltd. and Wing Hang Bank (China) Ltd., to become OCBC Wing Hang Bank(China) Ltd.
The merged entity, which is based in Shanghai, has aregistered capital of 5 billion yuan and employs more than 1,500 staff at its32 branches and sub-branches in China. It is a wholly owned subsidiary of OCBCunit OCBC Wing Hang BankLtd.
OCBC said the merger will enable the group to drive itsGreater China strategy under one single platform and a unified brand name. Italso facilitates compliance with China's single presence policy for foreignbanks.
As of July 15, US$1was equivalent to 6.69 Chinese yuan.