Relationship managers

SINGAPORE: OCBC’s private banking arm, Bank of Singapore, is looking to hire 20 to 30 new relationship managers this year for its Greater China team. Mr Rickie Chan, who oversees the Bank of Singapore’s Greater China market, said financial activity in Hong Kong has picked up with more high-net-worth (HNW) individuals looking to keep their assets with a Singapore bank.

Following his time as an executive at Credit Suisse, Mr Chan joined the bank about a year ago and set a goal to grow client assets by 50 per cent by the end of 2026. His team, based in Hong Kong, is now on track to meet that target.

Bloomberg reported that OCBC’s expansion comes as other banks like UBS and DBS are also growing their private banking teams in Hong Kong to tap into the region’s wealthy client base.

While China continues to face slower economic growth and a property crisis, wealth managers still see strong long-term potential in the market.

According to the latest Global Financial Centres Index, reported by the South China Morning Post (SCMP), Hong Kong kept its position as Asia’s top financial centre and ranked third globally. It has pulled ahead of Singapore and is closing in on New York.

This year, the Bank of Singapore has already increased its headcount in Hong Kong by nearly 30%. Mr Chan, who spent almost ten years at Credit Suisse, said the Greater China market still has “huge” growth potential. He added that if the right talent is available, the bank hopes to bring in 20 to 30 new bankers this year.

Mr Chan took on a broader role in February and now oversees relationship managers serving Chinese clients based in Singapore on top of his Hong Kong responsibilities.

The Greater China team is the Bank of Singapore’s second-largest by assets under management, just behind its Southeast Asia unit. As of end-2024, sources familiar with the matter said that the bank managed over US$120 billion (S$161 billion), with a headcount nearing 500. Clients can choose between Singapore and Hong Kong when deciding where to place their assets.

In 2024, OCBC brought in around US$21 billion in new funds across its wealth management units, chief executive Helen Wong told analysts during the bank’s earnings call in February. However, the bank did not provide a breakdown of its private banking unit.

Meanwhile, Hong Kong has been introducing tax breaks and residency schemes to attract the wealthy as it works to rebuild after years of political unrest, strict pandemic controls and population outflows.

Bloomberg Intelligence estimates that these efforts could help the city nearly double its private wealth assets under management to US$2.3 trillion by 2030, with more Chinese investors looking to diversify offshore.