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UOB to add 50 private bankers a year in US$627mil wealth push

United Overseas Bank Ltd. has earmarked about S$800 million ($627 million) to turbocharge growth of its private bank over the next five years in areas including headcount and technology, as it aims to keep pace with rivals.

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大华银行计划每年新增50名私人银行家,斥资6.27亿美元拓展财富版图。

The sale is part of UOB’s plan to strengthen its wealth management business. — Reuters

United Overseas Bank Ltd. has earmarked about S$800 million ($627 million) to turbocharge growth of its private bank over the next five years in areas including headcount and technology, as it aims to keep pace with rivals.

Singapore’s third-largest lender plans to add 50 relationship managers a year over the period, the firm’s private bank head Chew Mun Yew said in an interview. It is also looking to open a booking center in Hong Kong, and expects to attract more offshore wealth clients from there as well as Japan and South Korea, Chew said.

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