Q1: How did the business perform in 2025, and what drove its growth over the past year? How has the cost-income ratio trended this year, and what were the key factors influencing it? Looking ahead, what are your main priorities and strategic plans for 2026?

Guided by our diversified development strategy and proactive alignment with the Hong Kong SAR government’s family office initiative, Bank of China (Hong Kong) Private Banking (BOCHK Private Banking) has achieved sustained growth as of October 2025. 

Leveraging the Bank of China Group’s extensive resources across corporate banking, personal banking, and Southeast Asian branches, we provided comprehensive financial solutions to support our clients entering the Chinese mainland market or going global. This strategic focus yielded tangible results, including a year-on-year growth in the number of new clients, steady expansion in assets under management and a significant increase in the proportion of non-interest income, reflecting successful optimisation of our income structure.

BOCHK Private Banking’s cost-to-income ratio demonstrated positive momentum this year, underpinned by operational efficiency improvements through digital transformation initiatives, enhanced resource allocation across business units to align with evolving market demands, and disciplined cost controls prioritising long-term profitability. These measures ensured that our operational framework remained agile while supporting sustainable growth objectives.

Looking ahead to 2026, we continue to implement our strategic roadmap with a focus on strengthening our infrastructure for building a private banking hub and enhancing our capability to serve clients globally. This initiative includes building a distinctive private banking brand by enhancing the service capabilities of our platform, with particular emphasis on adapting to changing customer needs in the Greater Bay Area and Southeast Asia’s high-growth markets, as well as enhancing the functionality of our mobile banking and systems. 

We will continue to develop innovative, customised wealth management solutions to cater to evolving clients’ needs, while maintaining a disciplined risk appetite. Through deeper synergies within the Group’s network and leveraging international expertise, we aim to unlock diversified investment opportunities that align with clients’ long-term financial objectives.

Looking at the investment outlook for 2026, which markets and asset classes are you prioritising for client portfolios to capture opportunities while managing risks? How are clients currently allocating their portfolios, and what trends are you seeing in DPM adoption and investment behaviour?

Looking ahead to 2026, we are prioritising client portfolios to benefit from a confluence of macroeconomic tailwinds, particularly the anticipated Fed rate cuts, a supportive backdrop for emerging markets, and a more constructive outlook for global fixed income. 

Clients whose portfolios are exposed to global bonds, bond funds and Hong Kong/China equities are well-placed to benefit from this shift. Capitalising on these core holdings, we are actively diversifying portfolios to capture upside potential while managing currency and geopolitical risks by gradually shifting away from over-reliance on USD-denominated assets.

With the Fed expected to maintain a dovish stance, EM assets are poised to benefit from improved capital flows, currency stability and stronger growth differentials. We prioritise EM equities with a focus on Asia and Hong Kong, where undervalued stocks offer exposure to technology and consumer growth. AI remains a key secular growth story, driving long-term transformation across industries, but we are mindful of stretched valuations in certain segments and are taking a disciplined, valuation-aware approach to thematic exposure. 

In view of evolving trade policies and market uncertainty, we advise clients to utilise different investment tools in order to capture opportunities while managing risks. As yields peak and inflation moderates, we also see opportunities in gradually extending duration and adding high-quality credit. 

In terms of client behaviour, we are seeing a gradual pivot from USD-centric and home-bias portfolios to multi-currency and multi-asset strategies, including adding alternative investments to the portfolios. Clients are increasingly using online platforms to manage and monitor their investments, demanding faster, more responsive portfolio management and real-time access to insights. This shift is expected to drive innovation during DPM adoption, with an emphasis on agility, transparency and digital engagement.

Q3: The private banking industry saw a plethora of leadership and structural changes in 2025. Looking into 2026, what are your key priorities for attracting and retaining talent across the front, middle, and back office? Are there plans for new hires in key markets?

BOCHK Private Banking adopts a people-centred approach to recruit and nurture wealth management talent through comprehensive measures, including selection, training, development, and retention. Given a large number of high net worth clients in the Greater Bay Area and Southeast Asia with an increasing demand for private banking services, we are committed to expanding our team. 

We have been recruiting top talent from Hong Kong, the Chinese mainland, Southeast Asia, and other overseas regions to further strengthen our professional team of relationship managers. Additionally, we are enhancing our middle-office and back-office teams to improve service quality and market competitiveness, ensuring we meet the diverse needs of clients from various cultural backgrounds and regions.

As a member of the Private Wealth Management Association (PWMA), we actively participate in various talent recruitment and development initiatives, such as the Apprenticeship Programme for Private Wealth Management. These initiatives provide newcomers to the wealth management industry with detailed information on career development, as well as learning opportunities across different roles, enabling them to enhance their professionalism and achieve rapid growth.