Asian wealth manager Bank of Singapore has achieved its asset target 24 months ahead of time. It will now focus on technology and hiring the right people.

Bank of Singapore had Assets under management (AuM) of $102 billion, as at end of March 2018. The firm originally targeted 2020 to reach the $100 billion threshold. Its new objective is ramping up its tech capacity and becoming more efficient, CEO Bahren Shaari told the «Business Times». 

Among upcoming initiatives will be a large technology spend. As much as $200 million will be invested for a push into utilising data analytics and digital tools that calibrate client needs more effectively.

Headcount and Efficiency 

In Hong Kong, Bank of Singapore plans to double its headcount. The lender also plans a push into China's cities, in a bid to court ultra-rich families. To accommodate the new hires, the bank has already rented another floor at One International Finance Centre, where the Singapore-based private bank is based in Hong Kong office.

Hiring new bankers is something Shaari is more cautious of these days given the regional limitations of finding talent and the high on-boarding cost. Dealing with new hires who cannot deliver on their promises is also a concern for the CEO. Quickly exiting underperforming bankers means double the costs, Shaari says.

Advantage Over International Peers

One area however where the chief executive knows he has an advantage over his international peers is in the cost-to-income ratio. The private bank claims its cost efficiency lies between 55 per cent and 60 percent for the first quarter of 2018. His global rivals with substantial operations in the Asian region cannot compete with that.