The private banking arm of UOB is bullish on Hong Kong as a gateway between mainland China and Southeast Asia, with ambitions to grow assets under management in the city by five times within the next few years.
UOB Private Bank aims to grow its assets under management (AUM) in Hong Kong and wealth revenue by fivefold by 2030, the bank said during a media briefing. It is also targeting to triple the number of client advisors. According to George Tung, UOB’s Hong Kong CEO, supply chain diversification in recent years has led to increased demand beyond business needs to wealth management.
“With a clear shift from ‘China+1’ to ‘Growth+1’, clients’ priorities are evolving beyond manufacturing and supply chain diversification to encompass treasury optimisation, financing, risk management, wealth creation, and succession planning, where trade, investment, and wealth flows are increasingly intertwined,” Tung said. “Asia’s rising wealth and cross-border capital mobility are reinforcing Hong Kong’s role as a strategic wealth hub.”
Since 2022, UOB Private Bank has seen AUM post a compound annual growth rate of 12% with the Hong Kong business expanding broadly in line with this level.
Singaporean banks are optimistic about the prospects of wealth management with the announcement of ambitious growth targets. Recently, DBS said that it would look to add nearly SGD400 billion in wealth assets by 2030 across its affluent, high net worth, and ultra-high net worth businesses. In 2024, Bank of Singapore, OCBC’s private banking unit, declared a 50% AUM growth target in Hong Kong by 2026.
