OCBC Plans to hire Wealth Bankers in Hong Kong

Oversea-Chinese Banking Corporation plans to expand its wealth-management staff in Hong Kong by 30% this year. This is seen as a response to growing clients’ demand for investments and financing. Singapore’s second-largest lender will add between 30 and 50 relationship managers in the city, «Bloomberg» reports, citing Josephine Lee , OCBC’s head of Hong Kong consumer financial services. Income from the wealth business in Hong kong is set to rise five-fold since 2023. A new category of services targeting those with at least $1 million is being added this year too, she said at a briefing. OCBC’s services for rich clients has been helping to drive profit, with its first-quarter earnings beating estimates after fees related to wealth services surged. In Hong Kong, demand for wealth accounts has grown from customers both inside and outside of the jurisdiction who are seeking products including financing, Lee said. «We have to scale up our RMs to best serve them,» Lee said. Greater China, which includes Hong Kong, accounted for 23% of the bank’s operating profit in the first quarter, the second biggest contributor after Singapore. This was slightly more than the same period a year ago.