(3 April 2025 – Singapore) OCBC has entered into an agreement with the UK government to finance £10 billion (approximately US$10.9 billion) in investments across key sectors such as energy, infrastructure, and real estate by 2030.
The Singapore-based bank will work alongside the UK’s newly expanded Office for Investment (OfI) to position the UK as a gateway for Asian businesses, investors, and financial services. This partnership aligns with the UK government’s upcoming Industrial Strategy, which aims to drive growth in future-focused industries.
The collaboration is also expected to deepen the UK’s ties with the Asia-Pacific region, following the country’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Martin Kent, His Majesty’s Trade Commissioner for Asia Pacific, emphasised the partnership’s role in creating new opportunities for Asia-Pacific businesses looking to invest in the UK. “We are determined to make it quicker, easier, and more profitable to do business with the UK, including through the upcoming Industrial Strategy,” Kent stated.
British High Commissioner to Singapore, Nik Mehta, hailed the agreement as a “significant milestone” in UK-Singapore relations, which mark their 60th anniversary this year. “OCBC’s commitment demonstrates the confidence that Singapore’s financial institutions have in the UK economy, and how our financial centres can partner to drive mutual prosperity,” Mehta noted.
According to a joint statement by the British High Commission Singapore and OCBC, the UK-Asia Pacific trade relationship is valued at £125.7 billion, with UK-Singapore trade accounting for £22 billion of that total.