The bank is considering reducing the number of branches and office space as it moves towards a hybrid work model.
We may not need so many branches servicing our customers, so certainly I think there will be a review in terms of our office requirements as we move forward,» chairman Ooi Sang Kuang said at the bank’s virtual annual shareholder meeting on Thursday.
Last year, former OCBC chairman Samuel Tsien said the bank expects fewer physical branches and offices being open in the future, as a surge in the adoption of digital banking services prompted OCBC to rethink its branch network strategy, and Covid-19 prompted a shift towards hybrid working from home and the office.
Other banks that have permanently reduced their physical footprint in Singapore include DBS, which will give up 75,000 square feet of space – about two and a half floors out of the more than a dozen floors it occupies at Tower 3 of the Marina Bay Financial Centre; Citi, which is offloading three floors; and Mizuho, which is cutting less than one floor of office space.
During the meeting, Helen Wong, OCBC’s new chief executive, said the bank would focus on deepening its reach into Asean markets and to capitalize on the growing Asean-Greater China flows, expanding its wealth management franchise, accelerating digitalization and building a regional sustainable bank.