The Oversea-Chinese Banking Corporation (OCBC) has announced plans to bolster its wealth-management staff in Hong Kong by 30% this year. This move is a strategic reaction to an increasing demand from its clientele for investment and financing services.
Singapore’s second-largest financial institution aims to recruit an additional 30 to 50 relationship managers to its Hong Kong division, according to Josephine Lee, OCBC’s head of Hong Kong consumer financial services. The bank projects a significant increase in its wealth sector income, anticipating a five-fold jump since 2023. Furthermore, Lee disclosed the bank’s strategy to launch a novel array of services this year specifically aimed at clients with at least $1 million.
OCBC’s wealth services portfolio has been a significant factor in boosting the bank’s profitability. The bank has surpassed projected profits for the first quarter, largely due to increasing fees related to wealth services. Furthermore, the demand for wealth accounts within Hong Kong has shown a marked increase from clients both within and outside the jurisdiction, primarily attracted by offerings such as financing. “We must enhance our pool of relationship managers to optimally serve our client base,” says Lee.
The Greater China region, which includes Hong Kong, has been a significant income generator for OCBC, contributing 23% to the bank’s operating profit in the first quarter. This makes it the second-largest contributor, following Singapore, and shows a slight increase compared to the same period last year.
What is the anticipated increase in OCBC’s wealth-management staff in Hong Kong?
The bank plans to increase its wealth-management staff in Hong Kong by 30% this year, which translates to an addition of 30 to 50 relationship managers.
How significant has the wealth services portfolio been to OCBC’s profitability?
The wealth services portfolio has played a major role in boosting the bank’s profitability, with the first quarter earnings surpassing estimates mainly due to increased fees related to these services.
What proportion of OCBC’s operating profit was contributed by the Greater China region in the first quarter?
The Greater China region, including Hong Kong, contributed 23% to the bank’s operating profit in the first quarter, making it the second-largest contributor after Singapore.
