Oversea-Chinese Banking Corporation (OCBC) has launched a regional programme for the children of its OCBC premier private client (PPC) customers.
The programme, named OCBC GENesis, is by invitation only and seeks to build new relationships with the next generation while deepening the relationships with OCBC’s current customers.
OCBC GENesis piloted with children of PPC clients in Singapore in 2019. It now includes the children of the bank’s PPC clients in Malaysia.
The programme will be run annually and will be expanded to the rest of the bank’s PPC customers in other markets when the business model is established there.
On July 17 to 19, the bank conducted the inaugural run of OCBC GENesis with 21 participants aged 18 to 25. The participants, who are from Singapore, Malaysia, Indonesia, China and Australia, are either students or have just begun work recently.
OCBC PPC was launched in 2018 to serve the needs of high-net-worth individuals (HNWIs) from Singapore and Malaysia. It is similar to that of a private banking model, says the bank. Its latest programme will complement its suite of products and services which includes setting up basic trusts for estate planning, more complex insurance products, and exclusive investment opportunities, OCBC adds.
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“Our customers may start off as retail customers, and move to premier, premier private client or even Bank of Singapore over time. We see this as a wealth continuum, and we want to be able to support them well at every stage. To do that, we must be targeted and deliberate with the services that we offer. That means adjusting or adding to our offerings according to changing needs,” says Sunny Quek, head of global consumer financial services at OCBC.
“OCBC GENesis is one such example. We have noticed that our PPC customers are increasingly concerned about preserving their wealth across generations. It complements our existing suite of solutions for PPC customers and strengthens our proposition. Through this programme, we are not only deepening our relationship with existing customers, but also seizing the opportunity to showcase our value proposition to a new generation of customers,” he adds.
According to the bank, an estimated US$2.5 trillion ($3.36 trillion) in intergenerational wealth is expected to be passed on to the next generation in Asia by 2030.
