Assets under management from Bank of Singapore’s Greater China business nearly tripled in five years, due to a major expansion drive and a client-oriented focus, particularly on lifestyle.
The bank shared that its assets under management (AUM) grew three times and revenue grew 2.8 times from 2013 to 2018 in an OCBC Group press conference last week.
«Banking needs to be a lifestyle,» said Derrick Tan who is also the global market head for Greater China and North Asia, emphasizing Bank of Singapore’s «360-degree approach» which seeks to meet needs across consumer, private, corporate and investment banking needs.
For example, the group recently launched a lightweight credit card that provides a one-stop concierge solution which includes the ability to claim points from multiple airlines. Its mortgage capabilities are also well-positioned to serve Greater China’s insatiable demand for real estate with a differentiated offering. This offering allows clients to quickly obtain financing approval in Hong Kong (without need for foreign approval) for transactions in other countries like the U.K. or Australia.
«Whichever private bank can embed lifestyle into banking will capture the bigger share of client wallet.»
Hiring Drive Includes Young «Geniuses»
Naturally, Bank of Singapore’s growth was backed by major hiring which saw headcount grow 2.2 times in the same period from 186 to 401. Tan highlighted that growth was especially felt not in the front office but in the back, particularly for product staff which grew from four to more than 30» in the two years since he joined the bank.
Tan stressed that whilst Greater China adopted a specific and strategic focus on hiring, it was not limited to senior talent. Its graduate program, LEAD, focuses on young hires who are fresh grads or have a few years of experience.
«We always look to invest in the future and growth in the region,» Tan explained. «And these people are amazing. There are two candidates I can recall with 3.96 GDP. These are geniuses.»
Effective output was reflected in client satisfaction and productivity evidenced respectively by a 2.5 times growth in AUM per client and a doubling of net new money per relationship manager in the last five years. Despite the strong growth, the bank has maintained discipline in spending and, in fact, reduced cost-income ratio by 4 percent in the same period.
