On September 17, Bank of Ningbo and Singapore's OCBC Group formally signed a new ten-year strategic cooperation agreement in Ningbo. This marks the third consecutive decade-long pact between the two institutions since they first joined forces in 2006, extending a benchmark partnership in the Sino-foreign banking sector.
At the signing ceremony, Bank of Ningbo President Feng Peijiong and OCBC Group Chief Executive Officer Helen Wong inked the agreement on behalf of their respective organizations. Witnessing the momentous occasion were Bank of Ningbo Chairman Zhuang Lingjun, OCBC Group Board Chairman Lee Kuo-ching, along with distinguished guests Shi Tingjun, Li Rucheng, Song Hanping, and Xu Lixun.
Reflecting on two decades of collaboration, Bank of Ningbo Chairman Zhuang Lingjun noted that both institutions have consistently upheld the principles of mutual sincerity and win-win cooperation, building a solid foundation of trust. Thanks to the long-term support and strategic investment from OCBC Group, Bank of Ningbo has achieved remarkable growth, with total assets now approaching RMB 4 trillion, ranking among China's systemically important banks and the global top 100 lenders.
Notably, Bank of Ningbo stands as the only A-share listed bank to maintain a non-performing loan ratio below 1% for 19 consecutive years. Its price-to-book ratio remains above 0.9, placing its valuation among the highest in the A-share banking sector, reflecting outstanding operational resilience and investment appeal.
Zhuang emphasized that under the new ten-year agreement, both parties will deepen collaboration across business expansion, management optimization, technological advancement, and talent development, creating a model that equally emphasizes capital introduction and intellectual exchange. OCBC Group's deep roots in Southeast Asia and global reach, combined with its extensive regional network and professional expertise, align closely with Bank of Ningbo's commitment to delivering comprehensive financial services to its clients.
Under the new agreement, both sides will leverage their complementary strengths in customer resources, distribution networks, and technical expertise to deepen cooperation in their respective markets, jointly serving the increasingly diverse financial needs of various client segments. This partnership represents not only a strategic commercial choice but also a significant practice in supporting the real economy, facilitating high-level opening-up, and fulfilling financial missions within China's modernization journey.
OCBC Group CEO Helen Wong has consistently demonstrated strong confidence in the Chinese market and its growth prospects. She stated: "Bank of Ningbo is an exceptionally important strategic partner for us. Over the past two decades, we have jointly built one of the most successful partnership models between foreign and Chinese banks. Our collaboration has achieved effective synergies in corporate banking and wealth management, creating significant value for both parties' business development. Extending this strategic relationship for another decade fully reflects the deep mutual trust we have cultivated and our firm belief in the connectivity prospects between ASEAN and Greater China. Looking ahead to the next ten years and beyond, we will continue to leverage our complementary advantages, deepen cross-border cooperation, jointly advance business growth and wealth management strategies, and explore broader development opportunities together."
As a leading financial services group in Southeast Asia and one of the world's highest-rated banks, OCBC first invested in Ningbo Commercial Bank (renamed Bank of Ningbo in 2007) in 2006, subsequently increasing its stake in 2014. In 2017, the two parties signed their second ten-year strategic cooperation agreement, demonstrating OCBC's firm commitment to long-term engagement in the Chinese market and support for Bank of Ningbo's sustainable development. The signing of this third agreement will further consolidate their strategic synergy in a globalized context, injecting fresh momentum into China's economic prosperity and financial opening.
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