Bank of Singapore's new boss in Hong Kong has outlined ambitious hiring plans. The Asian lender also plans a push into China's cities, in a bid to court ultra-rich families.
Derrick Tan took on the role of chief executive of Bank of Singapore's Hong Kong branch last month, as finews.asia reported at the time. A month on, he outlined aggressive plans, according to the «South China Morning Post».
Tan wants to double the number of staff at Bank of Singapore in Hong Kong. To accommodate the new hires, the bank has already rented another floor at One International Finance Centre, where the Singapore-based private bank is based in Hong Kong office.
Tan relocated to Hong Kong last year: «If you are trying to understand China investments from a Singapore perspective, you can never get it. That’s why I came to Hong Kong,» Tan says.
Pushing Into Cities
He also plans to add family office «hubs» in the country's leading cities, in a bid to win next generation and family wealth amid explosive growth of ultra-rich clients and families in China.
Tan joined the bank in March 2010 and was appointed market head for Malaysia, Brunei, Japan, Sub-Continent and Middle East in 2014. He is part of Bank of Singapore's six-person top management team led by CEO Bahren Shaari.
