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September 3, 2021

Singapore’s OCBC to beef up workforce in China wealth push

By Verdict Staff

Singapore-based OCBC Bank is reportedly set to expand its wealth management and corporate banking workforce in Greater China, which makes up a quarter of the bank’s pre-tax profit.

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GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
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The bank plans to increase the number of relationship managers to 500 over the next two years, divulged OCBC CEO Helen Wong in an interview with Bloomberg.

It is said to double the number of OCBC’s relationship manager currently serving its rich Chinese clients.

The planned hires will be at the bank’s main operations and Bank of Singapore, its private banking unit.

Wong told the news agency: “Asean has become China’s biggest trade partner and intra-Asian trade is going up substantially. We know that this is our opportunity.”

OCBC Bank is also planning to hire more corporate and commercial bankers with the aim of increasing the employee headcount by 30% to about 400 by 2024.

These will include hiring for the banks ‘China Business Office’ which are currently located in Myanmar, Thailand, and Malaysia.

It plans to set up more such offices in Indonesia and Vietnam targeting corporate clients.

According to Wong, the move to increase the staff count is aimed at helping Chinese clients in businesses from e-commerce to construction who are expanding into Southeast Asia.

She said: “There are indeed many more Chinese customers coming to Southeast Asia using Singapore as a base to expand into, for example Indonesia, it’s a big market for them.”

Continuing China hiring spree

OCBC is only one amongst the global investment banks looking to take advantage of China’s potential in the wealth management and investment space.

In May this year, Bloomberg reported that US-based investment giant Goldman Sachs has been is in the process of recruiting 320 staff, including 70 resources to focus on investment banking coverage in the region.

In March, it was reported that Credit Suisse planning to triple its employee strength in China over the coming three years.

Last year, British banking group HSBC revealed plans to hire 2,000 to 3,000 wealth planners in China over four years.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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