There’s still plenty of room for private bankers.
Local banks are in the midst of a hiring push, with a majority of them looking to grow their credit trading capabilities in key markets such as Singapore and Hong Kong. The Bank of Singapore, for one, intends to keep hiring more relationship managers so as to win more business from wealthy clients.
The subsidiary of OCBC recently broke into the ranks of Asia’s top 10 private banks, and is now looking to expand its assets under management with the new hires.
To focus on serving a wealthier bracket of customers, they have already started boosting their Hong Kong operations with an additional 20 relationship managers this year, taking its number to 400 in Asia alone.
Partly due to the stiff competition in China, the bank is shifting their focus on bulking up its Hong Kong market, where it’s looking to capture offshore money from the mainland Chinese market.
Also, clients must keep a new minimum amount to qualify for its private-banking services, which will be raised from SGD 2.7 million to SGD 6.9 million. The move to higher-value customers is aimed at boosting private bankers’ productivity as they can focus on providing better services to fewer, high-net worth customers because of the tightening regulations and compliance here.
High Hopes
The bank aspires to become top three in Asia for profitability, rather than just growing its asset size.
With the bank forecasting its revenue to generate as estimated of $5 million by 2020, there’s plenty of room for bankers who will be managing at least $500 million each.
They’ve yet to provide any specific figures, but we know for sure that there’s bound to be more hiring pushes in the pipeline with the expansion of assets and private-banking business. After all, banks have been reporting of improving revenues this year which gives us hope on the global economy.
Here’s a list of other available positions at Asia’s Global Private Bank.
