BANK of Singapore (BOS), a private banking subsidiary of OCBC Bank, has named veteran banker Richard Hu as its market head for Greater China. 

Richard, who is joining the Greater China team based in Hong Kong, comes with over 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 will report directly to Derrick Tan, chief executive of BOS's Hong Kong branch, and global market head for Greater China and North Asia.

Derrick stated, “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."

Previously, Hu has worked with 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. 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 the offshore team at HSBC Private Bank. In addition, he has also held key leadership positions at Credit Suisse, UBS Wealth Management and Citi Private Bank in the Greater China region. 

Hu’s appointment comes as 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. 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.

Image Credits: The Straits Times