The private bank, which has about 780 employees, plans to start operating under OCBC China brand.
Bank of Singapore plans to grow its share of business in the region through branding, strategic recruitment and leveraging on OCBC China’s network of 14 main and sub-branches in key Chinese cities.
Bank of Singapore CEO Renato de Guzman as rising affluence in China is driven largely by entrepreneurs, they will be able to meet both their personal wealth management and business banking needs through their existing product and service platform and holistic range of retail and corporate banking solutions that OCBC Bank offers in the region.
"With the renminbi appreciation and with exports slowing down, there is a shift for the high net worths to look into other ways to generate more income, grow their wealth," de Guzman said.
Bank of Singapore also said that it will continue to expand its services to support the European and Middle Eastern clients in their Asian diversification investment strategies.
According to the latest 2011 Global Wealth report by Boston Consulting Group, China has experienced the fastest growth in the number of super-wealthy households (defined as those with more than $100m in Assets under Management) with a jump of more than 30% to 393 in 2010.
