In order to boost growth and reinforce the bank’s strategic emphasis, OCBC plans to establish a new section named Group Strategy, Innovation, and Sustainability. Ms. Elaine Heng, the deputy group CEO and current chief executive officer for retail business at FairPrice Group (FPG), will lead the new entity when it is established on April 22. The new division, according to OCBC Group CEO Ms. Helen Wong, is a significant step forward in the bank’s transformation process. According to her, the new unit will provide value by assisting in future-proofing OCBC’s operations, identifying and creating new business development engines, and bringing cutting-edge business concepts and models to life throughout the organization.
Ms. Heng will collaborate closely with the bank’s chief sustainability officer, Mr. Mike Ng. According to an OCBC press release dated February 27, Ms. Heng has “achieved a solid track record of spearheading innovative practices and business transformation to drive growth in a disruptive environment.” FPG includes one of Singapore’s biggest rewards programs, NTUC Link, together with the NTUC (National Trades Union Congress) FairPrice chain of supermarkets, NTUC Foodfare and Kopitiam chain of food and beverage establishments. The company employs over 14,000 people, has a footprint of about 570 customer touchpoints, and generates over $4.5 billion in revenue annually.
Her areas of competence in banking were talent development, digital banking, small and medium-sized business banking, strategic planning, and consumer banking. The statement is the most recent in a coordinated series of actions taken by OCBC to further its business plan. By 2025, Ms. Wong estimated that the company might generate an extra $3 billion in sales by 2023, assuming its current development trajectory. The bank’s attempts to consolidate its brand in its two main regions, China and Southeast Asia, and to seize expansion prospects, particularly in wealth management and private banking, contributed to the optimism.
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