OCBC Bank (Macau) has ceased accepting new applications for four services: credit cards, residential mortgage loans, car loans, and personal loans.
The bank will also gradually discontinue its credit card business.
The cessation, which took effect on Monday, was announced in a notice on the bank’s website that day.
The notice said that the bank regularly reviews and optimises its business and product portfolio in response to evolving customer needs, market conditions, and strategic priorities. Following a comprehensive strategic review, the bank decided to cease accepting new applications for credit cards, residential mortgage loans, car loans, and personal loans, the notice said.
The notice said that the bank will also progressively discontinue its credit card business in an orderly manner.
According to the notice, existing residential mortgage loan, car loan, and personal loan customers may continue with their current arrangements in accordance with the applicable terms and conditions. The bank will provide appropriate support to affected customers to facilitate a smooth transition.
The notice said that the bank’s existing credit card customers can continue to use their cards as usual until the final transaction date of November 30, after which no credit card transactions will be accepted. Their credit card accounts will be closed on December 31.
The notice underlined that OCBC does not intend to leave the Macau market. Describing Macau as an important market, the notice said that OCBC will remain firmly committed to serving Macau and continue to provide customers with professional and reliable financial support through its branch network, digital banking channels, wealth management services, and other banking services.
The notice also elaborated on OCBC Macau’s decision to adjust its business portfolio. The notice said that as part of its ongoing strategic repositioning, OCBC Macau is strengthening its focus on wealth management and other core banking services to better meet the evolving needs of customers and support its long-term development in Macau.
The notice underlined the bank’s commitment to continuing to provide deposit, wealth management, and other banking services to personal and corporate customers alike.
*Oversea-Chinese Banking Corporation (OCBC) is Singapore’s oldest financial institution, founded in 1932 during the Great Depression through the merger of three local banks. Today, it is the second-largest banking group in Southeast Asia by assets and ranks among the world’s most credit-worthy banks (holding Aa1 from Moody’s and AA- from S&P). – Gemini
This file photo taken in 2024 shows passengers waiting for public buses outside the headquarters of OCBC Bank (Macau) on Avenida de Almeida Ribeiro, the city’s main thoroughfare. – Photo courtesy of Wikimedia Commons
