**OCBC’s Private Banking Expansion in Greater China**
Oversea-Chinese Banking Corp. (OCBC) is planning to significantly expand its private banking division by adding 20 to 30 relationship managers to its Greater China team this year. This move comes as financial activities in Hong Kong are gaining momentum, and an increasing number of high-net-worth individuals are seeking to manage their assets with Singapore banks. Rickie Chan, who leads Bank of Singapore’s Greater China market, indicated that his Hong Kong team aims to increase client assets by 50% by the end of 2026, a goal he set after joining the firm about a year ago.
### Growing Demand for Wealth Management in Hong Kong
– OCBC’s initiative aligns with similar efforts by UBS Group AG and DBS Group Holdings Ltd., both of which are also increasing their private banking staff in Hong Kong to attract affluent clients.
– Despite challenges such as slower economic growth and a significant property crisis, China is viewed as having long-term potential for wealth managers.
– Bank of Singapore increased its Hong Kong workforce by nearly 30% last year.
Rickie Chan, who previously spent nearly a decade at Credit Suisse, emphasized the vast growth potential in Greater China, stating, “If we can get quality people, we want to hire 20 to 30 bankers this year.” His responsibilities expanded in February to include overseeing relationship managers for Chinese clients in Singapore, in addition to those in Hong Kong.
### Bank of Singapore’s Asset Management Growth
– The Greater China team of Bank of Singapore is the largest after Southeast Asia in terms of assets under management (AUM).
– The firm’s AUM exceeded $120 billion by the end of 2024, with a headcount nearing 500.
– Clients have the option to manage their assets in both Singapore and Hong Kong.
OCBC reported that new fund flows in its wealth management units reached approximately S$21 billion in 2024, as noted by CEO Helen Wong during a results call in February.
### Hong Kong’s Strategy to Attract Wealth
Hong Kong is implementing policies aimed at attracting wealthy individuals, including tax concessions and residency plans, as it recovers from years of political unrest, strict COVID-19 restrictions, and a population exodus. According to Bloomberg Intelligence, these efforts could nearly double the city’s private wealth assets under management to $2.3 trillion by 2030, as Chinese investors seek offshore diversification.
Rickie Chan observed an uptick in trading activity and new account openings among clients in Greater China, as affluent individuals are drawn to Singapore for asset diversification. He remarked, “This is not a one or two-year phenomenon, but could be a decades-long trend.”
**FAQ: What is OCBC’s plan for its private banking division in Greater China?**
OCBC plans to hire 20 to 30 relationship managers for its private banking division in Greater China this year to capitalize on the growing demand for wealth management services.
**Meta Description:** OCBC plans to expand its private banking team in Greater China, aiming to attract high-net-worth clients amid growing financial activities.
