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Singapore Branches of Bank of China, Kwangtung Provincial Bank to Merge
The Bank of China Singapore Branch (BOCSB) and The Kwangtung Provincial Bank Singapore Branch (KPBSB) made a joint announcement here Thursday that the Head Office of Bank of China (BOC) has decided to merge its subsidiaries BOCSB and KPBSB and the proposed merger has gained in- principle approval from the Monetary Authority of Singapore.
The announcement also said both BOCSB and KPBSB have commenced their planning and working toward the merger and the work for the merger is progressing in an orderly way and expected to be completed by the end of the year.
A spokesman from the BOCSB said that in planning its developmental strategy, the BOC Head Office made the decision on the merge in line with global economic and financial new developments and with a view to achieve uniformity in the development, marketing and information technology systems of all BOC overseas branches so as to promote unity, resources expedience and competitiveness.
The spokesman underlined that the banks are and will be taking various effective measures to protect the interest of customers and staff in the merger process.
He also stated that upon the merger, the merged bank will continue to develop business relations with old and new customers on the basis of mutual benefit and mutual support and will put in place and implement new sound corporate governance so as to strive for more achievements, to reduce potential risks, to expand customer ranks and to better serve the customers.
The spokesman also said that the bank requirement for more or less manpower resources will depend on its development needs. But he pointed out that in recent years BOCSB and KPBSB have been actively taking appropriate measures such as corporate- restructuring, drawing talents from the market, stepping up training of staffs, rewarding competent staff members so as to optimize human resources utilization and enhance the quality of the workforce.
"We have created a competitive yet healthy environment beneficial to extracting talents, training talents and bring talents potentials into full play," he said.
BOCSB and KPBSB were set up respectively in 1936 and 1939, and both banks are ranked as full bank that are able to engage in full range of banking business including participation in Singapore- dollar wholesale market.
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