OCBC, one of Singapore’s largest banks, has announced a landmark £10b investment into the United Kingdom’s key growth sectors, including energy, infrastructure, and real estate, by 2030. This strategic partnership, formalised through a Memorandum of Understanding (MoU) with the UK’s Office for Investment, marks the largest inward investment from an Asian bank into the UK.
The collaboration is set to enhance UK-Singapore relations during the 60th anniversary of their diplomatic ties. UK Minister for Investment, Baroness Poppy Gustafsson, highlighted the significance of the investment, stating, “This £10 billion commitment from OCBC is a major vote of confidence in the UK economy. Not only will it help create more opportunities in real estate and infrastructure, but will also back our clean energy industry.”
OCBC’s Head of Global Corporate Banking, Elaine Lam, expressed pride in strengthening the UK-Singapore relationship, noting the bank’s significant growth in the UK, particularly in sectors aligned with the UK’s industrial strategy. “Our UK business has grown significantly over the years and our London branch is now the largest in our international network,” Lam said.
The investment is expected to create more opportunities for Asia Pacific businesses looking to invest in the UK. Martin Kent, His Majesty’s Trade Commissioner for Asia Pacific, remarked on the UK’s attractiveness as a world-class investment destination, with foreign direct investment stock exceeding £2 trillion in 2023.
As part of the agreement, OCBC will also support UK businesses seeking to expand into Singapore and Southeast Asia, further solidifying the economic partnership between the two nations.
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