HK lender to boost headcount for growth

Pedestrians walk past a branch of Bank of China (BOC) in Hong Kong, China, May 22, 2013. [Photo/IC]

BOC Hong Kong (Holdings) Ltd, the lender with the most outlets in the city, said its number of private banking employees may double within three years as Chinese wealth rises and customers tap its yuan-related services.

Staff at the two-year-old business may climb to 100 to 150 employees from about 60, Wendy Tsang, managing director and head of private banking, said in an interview in Hong Kong last week. She cited growth in the number of wealthy Chinese and global interest in China-related investments.

The lender is up against the likes of UBS Group AG and Citigroup Inc, which were the largest wealth managers in Asia in 2013 according to a study by London-based Private Banker International. BOC Hong Kong is the only yuan clearing bank in Hong Kong and can offer yuan products around the world through Bank of China Ltd's network.

"Our history is not long compared to the European firms, but we have the advantage of grasping new opportunities in China," Tsang said. "We're in a better position to help Asian and European clients that want to enhance their renminbi portfolio and use the currency for business outside China."

The wealth of Chinese millionaires increased 20 percent to $3.8 trillion in 2013.