OCBC Targets Doubling of Consumer Wealth Business by 2029

OCBC aims to double its consumer banking wealth business by 2029, after already doubling it since 2022, The Business Times reported, citing Sunny Quek, the bank’s head of global consumer financial services.

The OCBC wealth business target is part of new group CEO Tan Teck Long’s Next Frontier strategy, built around a wealth management committee that brings together OCBC’s consumer bank, Bank of Singapore and insurer Great Eastern under shared financial targets.

Quek said OCBC’s ownership of an insurance company gives it a structural edge over local rivals.

OCBC’s wealth management income rose 14% to a record SGD5.6bn (USD4.13bn) in 2025, accounting for 38% of group income, while banking wealth assets under management climbed 15% to SGD343bn (USD253.1bn).