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OCBC's Bank of Singapore hires veteran banker as market head for Greater China
BANK of Singapore (BOS), a private banking subsidiary of OCBC Bank, has hired veteran banker Richard Hu as its market head for the Greater China region, which includes China, Taiwan and Hong Kong.
Mr Hu - who is joining the Greater China team based in Hong Kong - has more than 20 years of experience in the region, and will lead a team of relationship managers in developing and strengthening client relationships, as well as growing new capabilities, BOS said.
He reports directly to Derrick Tan, chief executive of BOS's Hong Kong branch, and global market head for Greater China and North Asia.
The bank added that the region is of "strategic importance", with assets under management from the Greater China region posting the highest growth among BOS's core markets in 2018.
BOS noted that following research by data company Wealth-X, China has the second-largest high net worth individual population in the world in 2018, with close to 1.9 million individuals. It also recorded a 3.9 per cent increase, almost two times higher than the world average of 1.9 per cent, despite its volatile stock market performance last year.
Mr Hu joins the bank from Avenue Asset Management, which he started in 2016. In his role as managing director and founding partner, he built up a team and started a venture capital fund, a real estate fund and a fixed income fund, BOS said.
Prior to that, he was the group head of the Greater China market at Julius Baer, and the business head of North Asia and market head for China and Taiwan onshore and offshore team at HSBC Private Bank. He also honed his expertise at Credit Suisse, UBS Wealth Management and Citi Private Bank where he held key leadership positions in the Greater China region, added BOS.
Mr Hu holds a Master of Business Administration and a Bachelor of Science from the St John University in the US.
His appointment comes after BOS announced three senior hires in the Greater China region last year, including market heads Phonda Chan and Anne Song, as well as head of risk, Jacqueline Lee.
Said Mr Tan: "Our clients value on-the-ground, local experience, so we bear this in mind as one of our hiring principles. Richard is definitely an asset to the team in this regard. With his solid track record and depth of experience built over decades working in the region, he inspires trust and confidence – two essential elements in private banking. His contributions will certainly be invaluable as we seek to further entrench our position in Greater China."