SINGAPORE – OCBC Bank is stepping up its wealth management push in Hong Kong as it continues to capture growing business and investment flows between Greater China and ASEAN.
At a virtual media briefing on May 15, head of OCBC Hong Kong consumer financial services Josephine Lee said the bank will launch its premier private client banking segment later in 2026, targeting customers with at least US$1 million (S$1.27 million) in assets under management.
The service will be rolled out at its flagship branch at Queen’s Road Central first before expanding to other key branches.
The bank will also grow the number of wealth managers by about 30 per cent, equivalent to roughly 30 to 50 new hires, in 2026.
Artificial intelligence will be used to boost employees’ efficiency, while clients can also benefit from faster insights and more personalised services, the bank said.
In the first quarter, the bank’s premier banking customer base across Hong Kong and Macao grew by 22 per cent compared to a year ago, said Ms Lee.
Its 2026 wealth income is expected to grow five-fold from 2023 levels, said Greater China head and chief executive Wang Ke.
Head of emerging business Ruby Yiu said that new-to-bank customers in the first quarter increased by 25 per cent year on year, driven largely by mainland Chinese small and medium-sized enterprises (SMEs).
She noted that mainland Chinese SMEs are increasingly using Hong Kong as their regional operating hub while eyeing expansion into ASEAN – where OCBC has strong presence and local expertise in.
Wealth income from SME customers grew four times year on year, showing that SMEs today are managing not just their own cash flow but also longer-term wealth and protection needs, she noted.
Mr Johnny Wei, head of wholesale banking at OCBC Hong Kong, said that the bank is deepening network collaboration through the Hong Kong-Singapore twin-hub model, with Hong Kong being the hub of Greater China and Singapore being the hub of ASEAN.
“There are a lot of trade flows, capital flows and investment flows between the two hubs and we are very well-positioned to capture these flows through our twin-hub model,” he said.
Banks are increasingly pivoting to wealth management, as falling interest rates shrink net interest margins.
OCBC group on May 8 reported that strong growth in wealth management boosted non-interest income to a new high in the first quarter, lifting the bank’s net profit by 5 per cent to $1.97 billion.
OCBC Hong Kong’s first-quarter operating profit rose 31 per cent year‑on‑year, while profit before tax surged 90 per cent.
Wealth management income increased 1.5 times, and corporate wealth income grew more than threefold compared with the same period last year.
Collaboration revenue also increased by 17 per cent year on year, driven by OCBC’s “One Group” and twin-hub strategy.
Said Mr Wang: “This reflects stronger cross-business and cross-border collaboration supported by our investment in products and service capability to meet the needs of Greater China customers expanding into ASEAN and ASEAN customers accessing Greater China.”
(From left) OCBC Hong Kong economist Cindy Keung, OCBC Hong Kong head of consumer financial services Josephine Lee, OCBC Hong Kong head of Greater China and CEO Wang Ke, OCBC Hong Kong head of wholesale banking Johnny Wei, OCBC Hong Kong head of emerging business Ruby Yiu and OCBC Hong Kong head of global markets Kerry Ge.
PHOTO: OCBC
He noted that OCBC Hong Kong remains committed to its ambition to become a top 10 bank in Hong Kong by 2030 in scale and profitability through three strategic focus areas.
These are winning as one group in corporate and commercial banking, developing a regional wealth management solution and growing the emerging business segment via digital penetration.
“Our business momentum will continue despite the Middle East situation,” he added.
Source : https://www.straitstimes.com/business/ocbc-steps-ups-wealth-management-push-in-hong-kong
