OCBC announced targets for its wealth management business, including the aim of adding $21 billion in assets under management for its private banking arm.
By the end of 2025, OCBC-owned Bank of Singapore aims to grow its assets under management (AUM) to $145 billion, according to a statement.
In order to meet this target, it will expand its team of relationship managers to 500 by end-2025, compared to over 400 today.
As of 31 March 2023, Bank of Singapore had $124 billion in AUM, up from $120 billion at the end of 2022.
Wealth Target
And within its wealth management business, which includes the premier banking and premier private client (PPC) segments, OCBC aims to double AUM in Greater China by 2025.
To support this goal, OCBC will also double the number of relationship managers servicing high net worth clients in the region.
As of the first quarrier of 2023, OCBC’s wealth management AUM climbed 7.6 percent year-on-year to reach S$270 billion ($200 billion), according to the bank's financial results.
AUM Growth
In recent years, OCBC continues to grow AUM in its wealth management and private banking business, particularly in the Greater China region.
Between 2013 and 2022, Bank of Singapore tripled its AUM, led by Greater China which grew five-fold. During the same period, OCBC’s premier banking and PPC business increased its AUM by 3.5-fold.
The wealth targets are part of broader plans at OCBC to deliver S$3 billion in incremental revenue by 2025, driven by the bank’s ASEAN-Greater China focus.
