Bank of China’s private banking boss in Hong Kong has ambitious hiring plans for the fledgling wealth manager.
Just four years since launching a private banking business, Bank of China Hong Kong (BOC) is making waves in the fiercely competitive industry. BOC wants to bulk up on relationship managers, private banking head Wendy Tsang Kam-yin told news agency «Bloomberg». The institute recently broke into the ranks of top private banks in Asia.
Tsang wants to increase the current BOC private bank team in Hong Kong by 20 percent – or another 24 people. She has the budget to push new hires up by as much as 50 percent – which translates to 60 staff – if she can pinpoint the talent.
Fiery China Growth
The bank aims to recruit from within as well as attracting external hires, but Tsang gave no time frame on the recruitment drive. BOC's private banking unit has produced a stratospheric rise since launching six years ago. Then, it had just three employees.
Today, the bank is among Asia’s top-20 wealth managers. Asia’s millionaires are adding to their wealth faster than anywhere else in the world and China has witnessed explosive growth of ultra-rich clients and families.
Local vs International
Local Asian banks have made inroads into the wealth management business: competitors such as DBS, OCBC, and Hang Seng Bank have grown in size. They are also able to recruit senior local client advisors to compete with those of their foreign counterparts.
Local firms are often more nimble with local languages and dialects, as well as being familiar with customs and traditions – something which has proven of paramount importance when dealing with China's «nouveau riche».
