Singapore-based United Overseas Bank plans to grow its private banking arm to take advantage of the growing number of wealthy individuals in Singapore and the region, according to media reports.

UOB, the city-state's third largest banking group by assets, intends to increase the number of its private bankers to about 200 by 2016 from more than 40 currently, the bank told Reuters.

UOB also hopes to grow its private bank's earnings asset base - which is assets under management plus loans to clients - to S$50-S$60 billion over the next five years from more than S$10 billion (around $8.2 billion).

The bank, like other domestic firms such as DBS and a host of Western banks, is looking to tap growing wealth in the Asia-Pacific region. According to the Merrill Lynch/Capgemini World Wealth Report 2011 issued a few weeks ago, the number of high net worth people in the region rose by 9.7 per cent in 2010 from 2009, leapfrogging Europe into second place as being the region with the most high net worth individuals.