The private bank's Hong Kong CEO sees fast growth in headcount in the Asian jurisdiction.

Bank of Singapore intends to double its headcount in Hong Kong, the bank’s local head has said, according to media reports.

The private bank, which is part of Singapore-headquartered OCBC, has already rented a second floor at Hong Kong’s landmark One International Finance Centre tower and plans to have the increased staffing in place by 2020, Derrick Tan, chief executive of the bank’s Hong Kong branch and global market head of Greater China and North Asia, was reported saying by the South China Morning Post.

“China is the biggest market for private banking in Asia,” Tan was quoted saying. He said the bank’s assets under management in the Greater China area climbed 25 per cent last year. The bank had $99 billion in assets under management in 2017.

Tan said BoS had 10 per cent more relationship managers in the Greater China region last year than in 2016. He said the Hong Kong branch was one of the key drivers behind the rise in assets under management.

“If you are trying to understand China investments from a Singapore perspective, you can never get it. That’s why I came to Hong Kong,” he said. Tan relocated to Hong Kong from Dubai after the setting up of the bank’s branch there early last year. 

As reported in March, Bank of Singapore wants to build out its family office business as part of growth drive in the Asian city-state. The lender also announced moves to boost its European operations. 

The expansion will be led by Lee Woon Shiu, a managing director who currently looks after Bank of Singapore’s wealth planning and trust solutions, Shaari said. While the bank doesn’t plan to substantially increase the number of relationship managers it employs from about 400 now, it aims to double assets under management to $500 million per banker over the next three to four years, he was quoted as saying.

The expanded family office business in Singapore will focus on rich families especially from China, Europe, and the Middle East, who are looking to invest in the Southeast Asian nation. The Singapore government provides incentives including tax exemptions for funds managed by family offices for both offshore and onshore vehicles.

Tan's appointment was announced earlier this year. 

Bank of Singapore has also, like its Singapore-based peer DBS, been extending its footprint outside Asia. In March BoS appointed Anthony Simcic as managing director of its international team, effective 12 March. The hire is part of the bank's plans to grow its operations surrounding high net worth individuals in Europe.