OCBC Group has lent $3.3b to Johor firms since 2024; $908m more expected by end-2025
OCBC Group has lent $3.3b to Johor firms since 2024; $908m more expected by end-2025
SINGAPORE – OCBC Group has committed over RM11 billion (S$3.3 billion) in financing to businesses in Johor since the start of 2024, as part of efforts to support development in the emerging Johor-Singapore Special Economic Zone (JS-SEZ), said the group in a statement on June 22.
The lender also said it expects to provide at least another RM3 billion in financing to firms there for investments in various sectors including real estate, oil and gas , manufacturing and data centres.
The JS-SEZ was first mooted after an agreement was signed between Malaysia and Singapore in January, capping off negotiations that have been ongoing since the SEZ was first announced in October 2023. The agreement is set to improve the flow of goods, enable freer movement of people between Singapore and Johor, and strengthen the business ecosystem within the region.
During a courtesy visit to Johor Menteri Besar Onn Hafiz Ghazi at his official residence in Johor Bahru, OCBC chief executive Helen Wong highlighted the bank's strengths in banking, insurance and wealth management. She said the bank's offerings and its extensive regional presence can contribute to the success of the JS-SEZ.
Datuk Onn Hafiz said OCBC's commitment of over RM11 billion in financing to firms in Johor and the additional RM3 billion expected by the year end reflect a strong endorsement of Johor's economic direction and investment potential.
'We welcome this partnership and look forward to working closely with OCBC to unlock Johor's full potential as Asean's next economic powerhouse,' he said.
OCBC Malaysia CEO Tan Chor Sen noted that 'OCBC has a strong track record of assisting foreign businesses in establishing operations in Malaysia and has facilitated the entry of new companies from various sectors, including services, construction, manufacturing, and wholesale and retail trade'.
'By leveraging OCBC's extensive international presence, particularly in Greater China, we aim to connect companies and their ecosystems with opportunities that drive growth and innovation,' he added.
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