Singaporean lender OCBC will expand into onshore wealth management in China and Hong Kong. The Greater Bay Area is its first target.
The Greater Bay Area consists of China's efforts to link up Hong Kong, Macau and the cities of Guangdong’s Pearl River delta. OCBC is targeting the affluent conurbation for wealth growth, OCBC's Chief Executive Samuel Tsien said, according to news service «Reuters».
Tsien plans to establish onshore wealth units in the area, home to a total population of nearly 67 million. The move will enable the Singapore-based bank to double its profit before tax to more than S$1 billion ($739.8 million) by 2023. Tsien didn't disclose when the new operations will be up and running.
The private banking arm of OCBC, Bank of Singapore, has outlined aggressive hiring plans in a bid to court ultra-rich families in China, as finews.asia reported. BoS Hong Kong chief Derrick Tan plans to add family office «hubs» in the country's leading cities.
