Private Banking Arm of Oversea-Chinese Banking Corp. Expands in Greater China
Oversea-Chinese Banking Corp.'s private banking arm is looking to add more relationship managers in Greater China, with a focus on Hong Kong and Singapore markets.
The private banking arm of Oversea-Chinese Banking Corp. is planning a significant expansion in Greater China by adding between 20 and 30 relationship managers to its team. The financial activities in Hong Kong are on the rise, and high-net-worth individuals are increasingly looking to place their assets with Singapore banks.
Rickie Chan, who oversees Bank of Singapore's Greater China market, aims to increase client assets by 50% by 2026. The bank is recruiting quality bankers to meet this target, with a strong focus on attracting rich clients in the region.
OCBC's unit is making this move at a time when UBS Group AG and DBS Group Holdings Ltd. are also increasing their private bank headcounts in Hong Kong to cater to affluent clients. Despite economic challenges and a property crisis, China is viewed as having long-term potential for wealth managers.
Bank of Singapore has seen significant growth in its Hong Kong team and is looking to further expand its market presence in Greater China. The firm's assets under management (AUM) have exceeded $120 billion by the end of 2024, with a headcount close to 500. Clients have the option to manage their assets in both Singapore and Hong Kong.
OCBC's new fund flows in its wealth management units have been impressive, totaling around S$21 billion in 2024. The bank is experiencing an uptick in trading by clients in Greater China and is witnessing a surge in account openings as wealthy individuals turn to Singapore for asset diversification.
Hong Kong's policies to attract wealthy individuals through tax concessions and residency plans have helped revive the economy after years of turmoil. The city aims to nearly double its private wealth assets under management to $2.3 trillion by 2030, driven by the increasing demand from Chinese clients for offshore asset diversification.
Bank of Singapore foresees a long-term trend of rich individuals choosing Singapore for asset diversification purposes, indicating a potential decades-long opportunity for growth.