BOC (Hong Kong) moves to beef up private banking business

The bank aims to boosts the number of relationship managers by at least 20%.

Bloomberg reports that BOC Hong Kong (Holdings) Ltd 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% from the current 120.

Also read: Asia beats Europe and America in private banking gains in 2017

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.

Also read: Singapore and Hong Kong lead Asia's asset management charge

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:

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