OCBC Bank and the UK's Office for Investment have formalized a collaboration to foster sustainable foreign investments into the UK. The Singapore-based bank aims to provide financial support amounting to S$17 billion (£10 billion) by 2030. The initiative targets sectors like energy, transportation, infrastructure, data centres, and real estate.
The collaboration, a first between a Singapore bank and the UK's Office for Investment, is set to promote the UK as a hub for businesses engaged in sustainable finance and the energy transition. Through this memorandum, OCBC will also facilitate the expansion of UK businesses into Singapore and Southeast Asia, leveraging the UK's participation in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
"The UK and Singapore share historically deep ties and OCBC is proud to play a part in further strengthening the relationship with this agreement," commented Ms Elaine Lam, OCBC's Head of Global Corporate Banking. The London branch of OCBC, established in 1969 and part of its international network, has been a key driver of growth, focusing on sectors such as real estate and digital infrastructure.
One notable collaboration under this agreement involves VIRTUS Data Centres, a leading UK data center company and a subsidiary of Singapore-headquartered ST Telemedia Global Data Centres. With OCBC's backing, VIRTUS has developed 17 data centres in Greater London and plans further expansions into Europe.
Baroness Poppy Gustafsson CBE, the UK's Minister for Investment, welcomed OCBC's commitment, stating, "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."
Both parties expect the partnership to yield significant economic opportunities, benefiting local and regional markets by encouraging sustainable investment and economic growth.