SINGAPORE: When OCBC Bank vacated its old headquarters at China Building in 1970, Deputy Prime Minister Teo Chee Hean remembered it being “quite a sight”.
Then, the local bank had outgrown its old premises and a bigger, taller headquarters was planned. As the new office building was being built, a temporary headquarters was set up along Upper Pickering Street.
On Nov 29, 1970, Mr Teo, then a teenager, was brought along by his father, Mr Teo Cheng Guan, to witness the relocation of the bank’s safes. To shift the huge safes, part of the China Building, including its roof, had to be removed to make space for the cranes.
“It was quite a sight, with huge cranes that lifted and transported huge safes out of the building, and hoisted them to the temporary premises,” said Mr Teo, who added that he has fond memories of the old China Building where his parents worked.
Mr Teo’s father joined OCBC as a banking officer in 1946 before rising through the ranks to become the bank’s chairman and CEO from 1989 to 1991.
The opportunity to take part in the re-opening of OCBC’s new Yangon branch in July 2015 also held “nostalgic value” for Mr Teo – partly due to the fact that his father had taken part in the closing down of the branch in 1963 when Myanmar’s banking sector was nationalised.
These were some of the stories that Mr Teo shared on Tuesday (Oct 31) at the launch of OCBC’s new book titled “Wind behind the Sails: The people and ethos of OCBC”.
The book chronicles the history and growth of Singapore’s oldest local bank since 1932, and contains never-been-told stories by prominent figures such as Mr Teo in relation to key events for the bank.
“SOLID AS A ROCK”
Speaking on Tuesday, Mr Teo said OCBC has played a key role in contributing to Singapore’s growth as an international financial centre, given its status as one of the oldest and largest financial institutions in Southeast Asia.
The bank has shown its resilience over the past few decades, weathering volatility and crises that have affected the banking sector, and acquiring a reputation for being as “solid as a rock” along the way, he added.
“This is because the bank is known to emphasise steady and sustainable growth, and to look after the interests of its depositors, customers and partners. It also has a good reputation for fair dealing with its customers, and valuing and treating its staff with respect. These are high standards that the bank has set for itself, which it has to work hard to maintain,” Mr Teo said.
Deputy Prime Minister Teo Chee Hean at the launch of OCBC’s new book titled “Wind behind the Sails: The people and ethos of OCBC” on Tuesday (Oct 31). (Photo: Tang See Kit)
In his foreword, Prime Minister Lee Hsien Loong said the stories in the book provide a “honest appraisal of not only OCBC’s successes, but also how it transformed its failures into lessons and new opportunities”.
At the book launch, OCBC’s chairman Ooi Sang Kuang said the bank has grown in strength over the years into an established and reputable Asian financial institution with a footprint in 18 countries and regions.
But its journey has not always been smooth-sailing, having faced severe challenges such as the Second World War from 1939 to 1945, the 1997 Asian Financial Crisis and the Global Financial Crisis in 2008.
“We have also had to adapt quickly to the rapidly evolving geopolitical, banking and regulatory landscape. We surmounted each and every one of these challenges, not merely surviving but emerging stronger from them,” said Mr Ooi, adding that the values of prudence, integrity and taking a long-term view will remain the lender’s “guiding lights”.
OCBC’s new book is not for sale, but copies will be donated to the public libraries by end-December. As part of the book launch, a public exhibition, which features a 3D model, photographs and sketches of prominent figures in the bank’s history, will be held from Oct 31 to Nov 10 at the OCBC Centre.
