One of the "Big Three" Singapore-headquartered bank's has set out its wealth management and private banking goals for Hong Kong.

UOB Private Bank, part of UOB, aims to grow Hong Kong assets under management and wealth revenue by fivefold by 2030, while tripling client advisor headcount, the Singapore-headquartered bank has outlined.

The ambitions were flagged when newly-appointed UOB Hong Kong CEO, George Tung (main picture), and the Hong Kong leadership team, set out the lender’s strategy.

"We are seeing a clear shift from 'China+1' to 'Growth+1'. As clients expand across ASEAN, their priorities are evolving beyond manufacturing and supply chain diversification to encompass treasury optimisation, financing, risk management, wealth creation and succession planning,” Tung said. “This is creating a powerful growth corridor connecting Chinese mainland, Hong Kong and ASEAN, where trade, investment and wealth flows are increasingly intertwined.”

Explaining what is at stake, UOB says that Asia's private wealth pool is projected to reach $99 trillion by 2029, while wealth flows between China (including Hong Kong) and ASEAN are expected to approach $100 billion by that year. 

The lender said more than 70 per cent of its clients are business owners, creating demand for integrated wealth, investment, financing and succession planning solutions.

UOB Private Bank said it has delivered a compound annual growth rate of over 12 per cent in assets under management since 2022 at the group level.

Since the start of January this year, shares in UOB have risen 29 per cent.