One of the “Big Three” Singapore-headquartered bank”s has set out its wealth management and private banking goals for Hong Kong.
UOB Private Bank, part of UOB, aims to grow Hong Kong assets
under management and wealth revenue by fivefold by 2030, while
tripling client advisor headcount, the Singapore-headquartered
bank has outlined.
The ambitions were flagged when newly-appointed UOB Hong Kong
CEO, George Tung (main picture), and the Hong Kong leadership
team, set out the lender’s strategy.
“We are seeing a clear shift from ‘China+1’ to ‘Growth+1’. As
clients expand across ASEAN, their priorities are evolving beyond
manufacturing and supply chain diversification to encompass
treasury optimisation, financing, risk management, wealth
creation and succession planning,” Tung said. “This is creating a
powerful growth corridor connecting Chinese mainland, Hong Kong
and ASEAN, where trade, investment and wealth flows are
increasingly intertwined.”
Explaining what is at stake, UOB says that Asia’s private wealth
pool is projected to reach $99 trillion by 2029, while wealth
flows between China (including Hong Kong) and ASEAN are expected
to approach $100 billion by that year.
The lender said more than 70 per cent of its clients are business
owners, creating demand for integrated wealth, investment,
financing and succession planning solutions.
UOB Private Bank said it has delivered a compound annual growth
rate of over 12 per cent in assets under management since 2022 at
the group level.
Since the start of January this year, shares in UOB have risen 29
per cent.