Newly appointed Hong Kong CEO George Tung emphasized a strategic pivot from "China+1" to "Growth+1" models. As clients expand their operations across Southeast Asia, their requirements have shifted toward treasury optimization, risk management, and long-term succession planning. This evolution aligns with projections that Asia’s private wealth pool will reach $99 trillion by 2029, with capital flows between China and ASEAN expected to hit $100 billion.
UOB Targets Fivefold Wealth Growth in Hong Kong by 2030
UOB Private Bank plans to quintuple its assets under management and wealth revenue in Hong Kong by 2030. To support this aggressive expansion, the Singapore-based lender intends to triple its local client advisor headcount, leveraging a strategic corridor connecting mainland China, Hong Kong, and the broader ASEAN region.
With business owners representing 70 per cent of its client base, the bank is focusing on integrated financial solutions to capture this demand. The group reports a compound annual growth rate of over 12 per cent in assets under management since 2022, a performance reflected in the 29 per cent rise of UOB shares since the start of the year.
Comments (0)
No comments yet. Be the first!