JOHOR BAHRU (June 22): The OCBC Group has committed more than RM11 billion in financing to businesses in Johor since the start of 2024, as part of its long-term commitment to the Johor-Singapore Special Economic Zone (JS-SEZ).
By the end of 2025, the banking group expects to provide an additional RM3 billion in financing across sectors such as real estate, oil and gas, manufacturing, and data centres.
The announcement was made during a courtesy visit by OCBC Group chief executive officer Helen Wong and senior executives to Johor Menteri Besar Datuk Onn Hafiz Ghazi at his official residence in Saujana, Johor Bahru.
Reaffirming the group’s support for the JS-SEZ, Wong highlighted OCBC’s “One Group” approach, integrating the strengths of OCBC Bank, Great Eastern Holdings, Bank of Singapore, and its leasing and wealth management units, to support cross-border business growth.
“We have a long history in Johor, dating back more than a hundred years. Our first branch opened in 1917, and we now operate eight branches in the state,” Wong said in a statement on Sunday.
“With over RM11 billion already committed, we are looking to further catalyse local economic activity and cross-border investment through an additional RM3 billion by year-end.”
She added that OCBC is keen to leverage its regional network to support the success of the JS-SEZ — a key economic initiative aimed at strengthening ties between Johor and Singapore.
In a statement, Onn Hafiz welcomed the OCBC delegation, and conveyed his appreciation to the group’s support of the JS-SEZ.
“On behalf of the Johor state government, I express my deepest appreciation to the OCBC Group for its strong and unwavering commitment to the JS-SEZ.
“The group’s commitment of over RM11 billion in financing, with at least RM3 billion more by year-end, reflects a strong endorsement of Johor’s economic direction and investment potential. We look forward to working closely with OCBC to unlock Johor’s full potential as Asean’s next economic powerhouse,” he said.
The OCBC delegation included:
Greg Hingston, CEO of Great Eastern Group;
Jason Moo, CEO of Bank of Singapore;
Tan Chor Sen, CEO of OCBC Bank (Malaysia) Bhd;
Syed Abdull Aziz Syed Kechik, CEO of OCBC Al-Amin Bank Bhd;
Datuk Koh Yaw Hui, CEO of Great Eastern Life Assurance (Malaysia) Bhd;
Jeffrey Teoh, managing director & head of wholesale banking, OCBC Bank (Malaysia) Bhd.
Tan noted that even before the formal JS-SEZ agreement was signed in January, OCBC had taken proactive steps to promote the zone globally.
“OCBC has a strong track record in assisting foreign businesses in establishing operations in Malaysia. Our collaborative efforts in the past with the menteri besar of Johor, and key stakeholders such as the Iskandar Regional Development Authority (IRDA), Malaysian Investment Development Authority (Mida) and Invest Johor for the JS-SEZ Trade & Investment Mission, have been fruitful.
“By leveraging OCBC’s extensive international presence, particularly in Greater China, we aim to connect companies and their ecosystems with opportunities that drive growth and innovation,” he added.
Koh said that Great Eastern is aligned with JS-SEZ’s vision of transforming the Johor-Singapore border region into a premier economic hub.
“As the country’s leading insurance group, we are well-positioned to support this transformation through our comprehensive range of insurance solutions.”
OCBC is the longest established Singapore bank, formed in 1932 through the merger of three local banks, the oldest of which was founded in 1912. It is one of the world’s most highly rated banks, with an Aa1 rating from Moody’s and AA- from both Fitch and S&P. Known for its financial strength and stability, OCBC is consistently ranked among the World’s Top 50 Safest Banks by Global Finance, and was recently named Best Managed Bank in Singapore by The Asian Banker.
The JS-SEZ aims to attract cross-border investments, enhance infrastructure connectivity, and streamline trade and services between the two regions.
Source: https://theedgemalaysia.com/node/759930