The Private Bank of OCBC is looking for more staff for greater expansion of China

Oversea-Chinese Banking Corp. Private bank arm is considering adding between 20 and 30 relationship managers for its Greater China team this year, which is a significant expansion in one of the world’s most important wealth centers. Rickie Chan, who oversees bank or Singapore’s Greater China market, says financial activities in Hong Kong, while more people with high net worth are looking for assets at a bank in Singapore. His team in Hong Kong is on track to increase customer assets by 50% by the end of 2026, a target set by the former Credit Suisse CEO after joining the firm about a year ago. The push at OCBC’s unit comes at a time when UBS Group AG and DBS Group Holdings Ltd. also added private banking to Hong Kong to attract rich customers. Despite slower economic growth and a deep property crisis, it is seen that China has long -term potential for wealth managers. Bank of Singapore last year increased its Hong Kong hit by almost 30%. “Growth potential for Greater China is still great,” Chan, who spent almost a decade at Credit Suisse, said in an interview. “If we can get quality people, we want to rent 20 to 30 bankers this year.” Chan’s supervision expanded in February when he took the lead on relationship managers who cover Chinese clients in Singapore, in addition to those in Hong Kong. Bank of Singapore’s Greater China team is the largest to Southeast Asia in terms of management. According to people with knowledge of the case, the firm AUM achieved $ 120 billion, and according to people with knowledge of the case, and its counter is close to 500. Customers can choose to park their assets in Singapore and Hong Kong. OCBC’s new fund flows in its wealth management units in 2024 about S $ 21 billion, CEO Helen Wong told analysts during the results of the bank in February. A firm spokesman refused to comment on the distribution of the private banking unit. Hong Kong has worked out policy to attract the rich with tax concessions and residence plans, as it restores after years of political turmoil, strict restrictions on Covid and an exodus of people. The push can help the city almost double its private wealth assets under management to $ 2.3 trillion by 2030, as Chinese seeks foreign diversification according to Bloomberg Intelligence. Bank of Singapore sees an addition in trading by clients in Groot -China, as well as new account openings, as rich individuals are attracted to Singapore for asset diversification purposes, Chan said. “It’s not one or two years of phenomena, but it can be a decades long trend,” he said. © 2025 Bloomberg MP This article was generated from an automatic news agency feed without edits to text.