OverseaChinese Banking Corporation Limited

Finance & Insurance

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Oversea-Chinese Banking Corporation Limited (SGX: O39, OTC Pink: OVCHY) (Simplified Chinese: ????????), abbreviated as OCBC Bank (????), is a publicly listed financial services organisation with its head office in Singapore. Although publicly listed, OCBC Banks largest shareholder is the Lee Group of Companies. OCBC was founded by Lee Kong Chian in 1932, and his son Lee Seng Wee also served as chairman. OCBC Bank has assets of more than 224 billion SGD. Based on Bloomberg, in 2011 OCBC is the number one of the worlds strongest $100 billion assets banks. The "Oversea-Chinese" usage leads many to believe mistakenly that the banks name is misspelled, but this is the correct traditional spelling. Although it is asserted that this is the correct spelling, "oversea" rather than "overseas", which is the correct use of the word in generic English, sounds uncomfortable and clumsy to native English speakers. The banks global network has grown to comprise subsidiaries, branches, and representative offices in 18 countries and territories. It has retail banking subsidiaries in Malaysia, Indonesia, Hong Kong, and China, and branches in China, Hong Kong, Japan, Australia, the UK and US. OCBCs Indonesia subsidiary, Bank OCBC NISP, has 630 branches and offices. In 1932, three banks – Chinese Commercial Bank (1912), Ho Hong Bank (1917), and Oversea-Chinese Bank (1919), merged to form Oversea-Chinese Banking Corporation under the leadership of Lee Kong Chian. In the subsequent decades, the bank expanded its operations and became the largest bank in South East Asia.