7 Private Bankers from Bank of Singapore Resign, Including Veterans Greater China Market Head Alex See, Shirley Ong & James Foo
18th August 2023 | Hong Kong
7 private bankers from Bank of Singapore (private bank) have resigned, including veterans Greater China Market Head Alex See, Shirley Ong & James Foo. In January 2023, Bank of Singapore announced the appointment of top private banking leader Jason Moo as Bank of Singapore CEO (6th March 2023), following CEO Bahren Shaari recent announcement on his retirement after 8 years as Bank of Singapore CEO and 32 years in Banking including UBS, ING Asia Private Banking). In July 2023, OCBC Bank had set a target of S$3 billion revenue growth by 2025, doubling OCBC Premier & Private Client Relationship Managers & AUM in Greater China by 2025, and target private bank (Bank of Singapore) AUM $145 billion & 500 private bankers by 2025 (AUM ~ Assets under Management). More info below.
“ 7 Private Bankers from Bank of Singapore Resign, Including Veterans Greater China Market Head Alex See, Shirley Ong & James Foo “
Singapore OCBC Wealth Management to Double OCBC Premier Relationship Managers & AUM in Greater China by 2025, Bank of Singapore AUM $145 Billion & 500 Private Bankers by 2025
4th July 2023 – Singapore OCBC Bank (4/7/23: Market Capitalisation $55.7 billion) has set a target of S$3 billion revenue growth by 2025, doubling OCBC Premier & Private Client Relationship Managers & AUM in Greater China by 2025, and target private bank (Bank of Singapore) AUM $145 billion & 500 private bankers by 2025 (AUM ~ Assets under Management). Bank of Singapore: “Bank of Singapore, OCBC’s private banking subsidiary, likewise aims to increase its AUM – to USD145 billion by end 2025. To reach this AUM target, Bank of Singapore will grow its team of relationship managers to 500 by then. BOS is riding strong momentum, with AUM having tripled between 2013 and 2022. This was led by Greater China, where AUM increased by five times over the same period.” OCBC Global Consumer Financial Services (Wealth Management): “By 2025, OCBC aims to double assets under management (AUM) of its Premier Banking and Premier Private Client (PPC) segments for Greater China. In support of this, the bank will double the number of relationship managers serving high-net worth customers in the Premier Banking and Premier Private Client segment in Greater China by 2025. This will enable continued strong AUM growth for Premier Banking and PPC, which together recorded a 3.5 times increase in AUM from 2013 to 2022.” See below for more info.
“ Singapore OCBC Wealth Management to Double OCBC Premier Relationship Managers & AUM in Greater China by 2025, Bank of Singapore AUM $145 Billion & 500 Private Bankers by 2025 “
Helen Wong, OCBC Group CEO: “The flow business between ASEAN and Greater China is not new to us. We recognise its potential. Over the years, we have built a strong franchise and put ourselves in a very good position to capture these flows. The effects of China’s reopening post-pandemic, the rise of ASEAN for the China plus one strategy and other geopolitical factors have amplified this potential. The unified brand that we have unveiled today is yet another strategic move. It solidifies our One Group approach, one of eight core pillars of our Corporate Strategy that was refreshed in 2022. It also furthers our commitment to customers: that when they bank with us, they have the collective strength of OCBC Group supporting them seamlessly across markets. With this One Group approach, our comprehensive ASEAN- Greater China franchise and twin hub proposition of Singapore and Hong Kong becomes even more compelling. In ASEAN, OCBC services the top seven markets using locally incorporated banking and insurance subsidiaries, and bank branches and offices, which contribute to over 98% economic growth of the region. In Greater China, we have around 4,500 staff across 67 branches in 17 cities in mainland China, Hong Kong SAR, Macau SAR and Taiwan complemented by our powerful partnership with Bank of Ningbo. We are therefore confident that we will be able to deliver S$3 billion in incremental revenue by 2025 from our ASEAN-Greater China focus.”
Singapore OCBC Wealth Management to Double OCBC Premier Relationship Managers & AUM in Greater China by 2025, Bank of Singapore AUM $145 Billion & 500 Private Bankers by 2025
Wealth Management
Global Consumer Financial Services
By 2025, OCBC aims to double assets under management (AUM) of its Premier Banking and Premier Private Client (PPC) segments for Greater China. In support of this, the bank will double the number of relationship managers serving high-net worth customers in the Premier Banking and Premier Private Client segment in Greater China by 2025. This will enable continued strong AUM growth for Premier Banking and PPC, which together recorded a 3.5 times increase in AUM from 2013 to 2022.
Bank of Singapore
Bank of Singapore, OCBC’s private banking subsidiary, likewise aims to increase its AUM – to USD145 billion by end 2025. To reach this AUM target, Bank of Singapore will grow its team of relationship managers to 500 by then. BOS is riding strong momentum, with AUM having tripled between 2013 and 2022. This was led by Greater China, where AUM increased by five times over the same period.
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