OCBC’s private banking arm has announced ambitious targets for asset growth in Greater China after significantly expanding the number of relationship managers serving the market in recent years.

Compared to end-2023, Bank of Singapore (BOS) in Hong Kong is targeting to grow its assets under management (AUM) by 50 percent by 2026, according to its Greater China private banking head Rickie Chan. At the end of last year, BOS had $114 billion in overall assets, according to the «2023 Private Banking AUM League Table», although there are no breakdowns by sub-regions within APAC. 

«BOS is growing at the right time, at the right phase, with the right strategy,» said Chan during a media briefing attended by finews.asia.

Hiring Spree

One of the key drivers of growth is through hiring. BOS has expanded the number of relationship managers (RM) serving the Greater China market by 40 percent from 2017 to 2023 and it added another 15 percent in the first four months of 2024.

«In my [first] three months with the bank, I must have interviewed over 30 to 40 RM candidates,» Chan shared. «And for those we want to hire, none of them have rejected our offer.»

Headcount growth is not occurring in the front office alone. In addition to Chan who joined in December 2023, BOS also added Greater China chief operating officer Ronnie Cheung in March – both are former colleagues from the now-defunct Credit Suisse.

Sourcing Inflows

Aside from targeting ultra-high net worth individuals, external asset managers and family offices in Greater China that are new to the bank, BOS will also capitalize on linkages with its parent group. 

In 2023, BOS recorded 40 percent of growth in referred assets from OCBC. This was subsequently followed by the establishment of a dedicated unit in 2024 to drive closer collaboration between the two. 

Wealth Planning Focus

By 2030, Asia is expected to undergo an intergenerational transfer of $2.5 trillion in assets, according to research firm Wealth-X. In line with this forecast, many ultra-rich families are increasingly considering succession planning. 

In order to tap into this market and address its related needs, BOS will sharpen its focus on providing wealth planning solutions and advisory services, where it has seen revenues double in 2023. 

Tech Upgrades

All of BOS’ plans will be backed by technological upgrades both externally and internally. For clients, it recently rolled out a refreshed mobile app with the aim of delivering a better client experience.

And internally, it is leveraging artificial intelligence to improve productivity. In the second half of 2024, the bank is introducing an «RM Co-Pilot» tool to better access client information, research and investment solutions. In the broader group, the bank is also using a proprietary generative AI tool called «OCBC GPT» to support various other daily tasks.