Singapore 2nd Largest Bank OCBC to Provide $12.9 Billion Over 6 Years to Support Direct Investments into UK in Strategic Partnership with The Office for Investment of the Government of the United Kingdom of Great Britain & Northern Ireland, Agreement to Promote UK as a Hub for Businesses, Investors & Services Involved in & Leading Energy Transition
5th April 2025 | Hong Kong
Singapore 2nd largest bank OCBC will provide $12.9 billion over 6 years to support direct investments into UK in strategic partnership with The Office for Investment of the Government of the United Kingdom of Great Britain & Northern Ireland. The agreement will promote UK as a hub for businesses, investors & services involved in & leading energy transition. OCBC (2/4/25): “OCBC aims to fund S$17 billion (£10 billion) over six years to support foreign direct investments into the United Kingdom (UK). The financing is expected to spur growth in the country’s priority industries including energy, transportation, infrastructure, data centres and real estate. This commitment is sealed today between OCBC and The Office for Investment of the Government of the United Kingdom of Great Britain and Northern Ireland (“OfI”). This is the first such strategic partnership agreement between Ofl and a Singapore bank, and the largest inward investment that the OfI has established with an Asian bank. Leveraging OCBC’s expertise in sustainable and green finance, the agreement seeks to promote the UK as a hub for businesses, investors and services involved in and leading the energy transition. OCBC will also support UK businesses expanding into or establishing operations in Singapore and Southeast Asia. This builds on the UK’s entry into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) free trade agreement last year. UK companies will enjoy greater access to the Asia-Pacific-focused CPTPP markets, and there will potentially be more trade flows into Southeast Asia from the UK. To achieve these goals, OCBC and the OfI will work together on initiatives to foster knowledge-sharing and facilitate relationships between OCBC and relevant UK businesses, institutions or agencies. OCBC is the first Singapore bank to establish a presence in the UK. Its London branch, established 56 years ago in 1969, has grown significantly in the last five years. Having registered about 20% annual revenue growth on average in the last five years, it is now the biggest branch in OCBC’s international network. The London branch’s growth has been driven mainly by real estate, renewables, energy transition, digital infrastructure and core physical infrastructure activities. One company OCBC has supported in the digital infrastructure sector in the UK is VIRTUS Data Centres (VIRTUS), the UK’s leading data centre company. VIRTUS is a majority owned subsidiary of Singapore- headquartered ST Telemedia Global Data Centres. With OCBC’s support, VIRTUS has established 17 data centres across four campuses in the Greater London area. VIRTUS has also recently announced ambitious European expansion plans, with forthcoming data centres campuses in Germany and Italy. With this agreement between OCBC and OfI in place, VIRTUS is exploring investing in setting up more data centres in the UK and abroad with support from OfI.”
“ Singapore 2nd Largest Bank OCBC to Provide $12.9 Billion Over 6 Years to Support Direct Investments into UK in Strategic Partnership with The Office for Investment of the Government of the United Kingdom of Great Britain & Northern Ireland, Agreement to Promote UK as a Hub for Businesses, Investors & Services Involved in & Leading Energy Transition “
Elaine Lam, Head of Global Corporate Banking, OCBC: “The UK and Singapore share historically deep ties and OCBC is proud to play a part in further strengthening the relationship with this agreement. Our UK business has grown significantly over the years, driven by developments in sectors such as real estate, renewables, energy transition as well as digital and core physical infrastructure. These align with the priority sectors outlined in the UK’s industrial strategy and we will double down on our efforts to drive further growth in these areas. We are also committed to supporting UK companies that are keen to establish or expand operations in Singapore and Southeast Asia. We look forward to building on our strong track record in the UK to deliver on these goals.”
Minister for Investment Baroness Poppy Gustafsson CBE: “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, a key growth sector identified in our upcoming Industrial Strategy. We have the most open, stable and connected economy in the world – and our Plan for Change will encourage more international companies to invest here, delivering long-term growth that supports good, skilled jobs across the country.”
Singapore 2nd Largest Bank OCBC to Provide $12.9 Billion Over 6 Years to Support Direct Investments into UK in Strategic Partnership with The Office for Investment of the Government of the United Kingdom of Great Britain & Northern Ireland, Agreement to Promote UK as a Hub for Businesses, Investors & Services Involved in & Leading Energy Transition
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