OCBC is expending its wealth management team in Hong Kong by 30% this year to meet growing regional demand for investment and financing products, according to a report by Bloomberg.
The Singapore-based lender plans to hire between 30 and 50 new relationship managers in the city.
OCBC expects income from its Hong Kong wealth division to increase fivefold from 2023 levels.
The bank is also introducing a new service tier this year aimed specifically at clients with at least US$1 million in assets.
Wealth services have been a strong driver of profitability for OCBC, pushing its first quarter earnings past estimates following a surge in related fee income.
Demand for wealth accounts in Hong Kong has grown among both domestic and international customers.
“We have to scale up our RMs to best serve them,”
said Josephine Lee, Head of Hong Kong Consumer Financial Services, OCBC.
The Greater China region accounted for 23% of the bank’s operating profit in the first quarter.
This makes it the second largest contributor to OCBC after Singapore, representing a slight increase from the same period last year.
Featured image credit: Edited by Fintech News Hong Kong, based on image by lifeforstock via Magnific