Bank of Singapore expands family office business in Hong Kong, eyes growth in mainland China

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In a move that underlines its bullish outlook on the city’s financial landscape, Bank of Singapore is ramping up its family office business in Hong Kong. The bank has bolstered its headcount by 15% across mainland China, Hong Kong, Macau, and Taiwan, with a sharp focus on relationship managers and senior bankers.

CEO Jason Moo, in an exclusive interview expressed the bank’s ambitious plans for growth in Hong Kong, attributing part of this drive to the ongoing stock market rally. Hong Kong, along with Singapore and Dubai, are the bank’s prime targets for expansion, with plans to channel significant resources into these markets in the coming years.

In a strategic move earlier this year, Bank of Singapore appointed Rickie Chan, former CEO of Credit Suisse Hong Kong, to lead its operations in the bustling financial hub. The bank is also eyeing the burgeoning demand from wealthy families for family office services, aiming to assist in setting up individual family offices and providing investment services for multifamily offices.

The lure of tax incentives and investment migration schemes offered by the Hong Kong and Singapore governments has made these cities attractive destinations for setting up family offices, creating a fertile ground for Bank of Singapore’s expansion plans.

The recent market rally, particularly in Hong Kong and mainland China, has rekindled investor interest, with clients showing a renewed appetite for investing in these markets. Moo advised keeping an eye on companies in the artificial intelligence space, hinting at potential investment opportunities.

With a target of 500 relationship managers by the end of 2025, up from 450 currently, Bank of Singapore is banking on the strengths of Singapore’s proximity to ASEAN and India, Hong Kong’s strategic position as the gateway to the Greater Bay Area and China, and Dubai’s role as a gateway to the Middle East for its expansion strategy.

Moo, a seasoned industry veteran with previous stints at Goldman Sachs and Julius Baer, emphasized the shift in strategy among international private bank clients, who are increasingly looking towards Asia and the Middle East for high-growth investment opportunities.

(Source: SCMP)

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