BOC (Hong Kong) to beef up private banking business by at least 20%

Given enough available talent, the bank aims to double the number of its relationship managers.

Bloomberg reports that BOC Hong Kong is looking to maintain its strong growth trajectory by boosting the number of its relationship managers by at least 20% or as much as 50% if there's enough available and qualified talent from the current 120. 

Also read: Hong Kong trails behind Singapore in asset management business

The bank, which started private banking in 2012 with just three employees, is now amongst Asia’s top 20 players after ranking 18th in a list compiled by Asian Private Banker with around $30b of assets under management in 2017.

BOC Hong Kong is looking to tap into the region’s growing wealth in a heated battle against other private banks who have been similarly ramping up hiring and talent acquisitions in the past few years in an effort to lure the region’s high net worth individuals.

Here’s more from Bloomberg:

Photo from BOCHK