21 hours ago
- Business
- New Straits Times
OCBC pledges over RM11bil financing to support Johor-Singapore SEZ
KUALA LUMPUR: OCBC Group has pledged over RM11 billion in financing to businesses in Johor since the beginning of last year, as part of its support for the development of the Johor-Singapore Special Economic Zone (JS-SEZ).
The bank expects to extend at least RM3 billion more in financing by year-end to support investments across various sectors.
This includes real estate, oil and gas, manufacturing and data centres.
OCBC Group chief executive officer Helen Wong said it has a longstanding presence in Johor, with its roots in the state going back over a century.
The first OCBC Malaysia branch in Johor was established in 1917, and the bank now operates eight branches in the state, out of a total of 38 nationwide.
"Having already committed over RM11 billion in financing to businesses in Johor, we are looking to further catalyse local economic activities and cross-border investments in Johor and the JS-SEZ through at least another RM3 billion in financing by year-end.
"We are honoured to have this opportunity to explore with the Johor Menteri Besar Datuk Onn Hafiz Ghazi how we can build on these solid foundations and leverage the full capabilities of the OCBC Group's extensive regional franchise to contribute to the success of the JS-SEZ," she said.
Onn Hafiz said OCBC's RM11 billion financing commitment, along with plans to inject at least RM3 billion more by the end of the year, demonstrates strong confidence in Johor's economic trajectory and investment prospects.
"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.
