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.
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.
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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.
