[SINGAPORE] OCBC said on Sunday (Jun 22) that it has committed more than RM11 billion (S$3.3 billion) in financing to support businesses in the Johor-Singapore Special Economic Zone (JS-SEZ) since 2024.
This was shared by the bank’s group chief executive Helen Wong during a visit to Johor Chief Minister Onn Hafiz Ghazi at his official residence in Saujana, Johor Bahru. She was joined by senior executives from OCBC.
By end-2025, the group expects to provide at least another RM3 billion in financing for investments into various sectors including real estate, oil and gas, manufacturing and data centres. This will further catalyse local economic activities and cross-border investments in Johor and the JS- SEZ.
Wong said OCBC is “uniquely positioned” to support business growth and cross-border collaboration in the JS-SEZ thanks to its “one group” strategy.
Its “one group” strategy brings together the capabilities of OCBC Bank, insurance subsidiary Great Eastern Holdings, private banking arm Bank of Singapore and its leasing and wealth management capabilities.
The bank’s history in Johor dates back to more than 100 years, Wong noted.
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OCBC Malaysia’s first branch in Johor opened in 1917. There are now eight branches in the state, with a total of 38 across Malaysia.
Said Wong: “We are honoured to have this opportunity to explore with the Johor (chief minister) how we can build on these solid foundations and leverage the full capabilities of the OCBC Group’s extensive regional franchise to contribute to the success of the JS-SEZ.”
Onn Hafiz said the group’s financing commitment to the JS-SEZ “reflects a strong endorsement of Johor’s economic direction and investment potential”.
“We welcome this partnership and look forward to working closely with OCBC to unlock Johor’s full potential as Asean’s next economic powerhouse,” he said.
Tan Chor Sen, CEO of OCBC Bank (Malaysia), noted that prior to the official signing of the JS-SEZ agreement in January this year, OCBC had taken “proactive” steps in Malaysia to showcase the SEZ’s potential to global investors.
The bank had previously collaborated with the chief minister of Johor as well as key stakeholders such as the Iskandar Regional Development Authority, Malaysian Investment Development Authority and Invest Johor for the JS-SEZ Trade and Investment Mission.
“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 said.