China

OCBC on China Hiring Spree to Tap Growing Wealth

Bank to double relationship managers for wealthy China clients.

Bloomberg reorts tha that OCBC Bank is boosting its wealth management and corporate banking staff for Greater China to capture regional business flow.

Southeast Asia’s second-largest lender plans to double the number of relationship managers for wealthy Chinese clients to 500 by 2023, Chief Executive Officer Helen Wong said in her first in-person interview since taking the job in April. The planned hires will be at OCBC’s main operations and its private banking unit Bank of Singapore.

 

“Asean has become China’s biggest trade partner and intra-Asian trade is going up substantially,” Wong, 60, said in an interview at the bank’s Singapore headquarters. “We know that this is our opportunity.” Greater China accounts for about a quarter of OCBC’s pre-tax profit.