Bank of Singapore’s private banking assets rise despite political turmoil, Hong Kong CEO says
- Bank of Singapore’s greater China operations saw a 10 per cent increase in assets under management in first quarter
- City will continue to serve as a portal to China, particularly for wealth management, says Hong Kong CEO
A former Singapore police officer, Derrick Tan readily admits he is not a tech-savvy guy.
The Bank of Singapore’s Hong Kong chief executive previously relied on a gaggle of information technology staff to arrange conference calls and set up video conferences.
But, the coronavirus pandemic has forced Tan – and his staff of private bankers – to radically adjust how they go about their business and interact with their clients, who already expect a high level of service. That has included becoming his own IT guy.
“In the past, banks always pivoted in terms of adapting to markets, strategies,” Tan said. “Today, you can’t pivot any more. You have to leap. It’s totally different.”
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The change in approach seems to be working at the private banking arm of Singapore’s Oversea-Chinese Banking Corporation (OCBC). The Bank of Singapore’s greater China operations, which includes clients from Hong Kong, the mainland and Taiwan, saw a 10 per cent increase in assets under management year over year in the first quarter and is expected to post double digit gains in the second quarter, Tan said.
