OCBC Partners with UK's Office of Investment for $17 Billion Boost
Deal News | Apr 02, 2025 | Oversea-Chinese Banking Corp L
Oversea-Chinese Banking Corporation (OCBC) and the UK's Office for Investment (OfI) have signed a Memorandum of Understanding aimed at driving sustainable foreign direct investments into the UK. OCBC has committed S$17 billion over six years to boost growth in critical UK industries, including energy, transportation, infrastructure, data centres, and real estate. Known for its expertise in sustainable finance, OCBC intends to use the funds to position the UK as a hub for businesses involved in energy transition. This partnership is notably the first between OfI and a Singapore bank and the largest Asian bank investment in the UK's OfI. The agreement aims to facilitate knowledge-sharing and to foster relationships between OCBC and relevant UK entities. OCBC, which has had a presence in London since 1969, supports UK companies such as VIRTUS Data Centres, and this deal will further bolster their growth. The partnership supports UK companies expanding into Singapore and aligns with the UK’s entry into the CPTPP free trade agreement.
Sectors
- Finance
- Sustainable Energy
- Real Estate
- Digital Infrastructure
Geography
- United Kingdom – The primary geographical focus of the investment initiative is within the UK.
- Singapore – OCBC's headquarters and the base for this international financial activity.
- Southeast Asia – Included as part of the expansion plan for UK companies influenced by OCBC’s financing and the CPTPP trade agreement.
Industry
- Finance – The article discusses a large financial commitment by OCBC, a major banking institution, for investments in the UK.
- Sustainable Energy – The agreement includes a focus on investments in renewable energy and energy transition sectors in the UK.
- Real Estate – Figures prominently due to OCBC's investments and focus in UK real estate sectors.
- Digital Infrastructure – Mentions the expansion of UK's VIRTUS Data Centres, a sector where OCBC is actively involved.
Financials
- S$17 billion – Total investment commitment by OCBC over six years into the UK.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Oversea-Chinese Banking Corporation (OCBC) | Bidding Company | Company | A major Singapore-based bank facilitating significant investments into the UK. |
| Office for Investment (OfI) | Selling Company | Government | The UK government body partnering with OCBC to attract investments. |
| VIRTUS Data Centres | Other Company | Company | A key partner supported by OCBC in the UK's digital infrastructure expansion. |
| Baroness Poppy Gustafsson CBE | Minister for Investment | Person | UK Minister for Investment who signed the MOU with OCBC. |
| Ms Elaine Lam | Head of Global Corporate Banking, OCBC | Person | Signed the Memorandum of Understanding on behalf of OCBC. |