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Hong Kong to strengthen private banking talent pool

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Several players in Hong Kong’s private banking industry are launching a new apprenticeship programme in an attempt to attract new talent. Designed to provide specialised professional training to students, the multi-year programme will help strengthen the city’s talent pool.

The Hong Kong Monetary Authority (HKMA) and the Private Wealth Management Association (PWMA) announced the launch of The Pilot Apprenticeship Programme for Private Wealth Management on Wednesday. Successful applicants will go through two rounds of paid summer apprenticeships with one of the participating companies, with the potential of receiving a job offer after graduation.

The ten companies participating in the pilot are:

  • Bank of China (Hong Kong)
  • Bank of Communications
  • Bank of Montreal
  • China CITIC Bank International
  • Citibank, N.A.
  • Credit Suisse AG
  • Deutsche Bank AG
  • Goldman Sachs (Asia)
  • Standard Chartered Bank (Hong Kong)
  • UBS AG

Commenting on the programme in a press release, Norman Chan, chief executive of the HKMA, said: “Hong Kong is uniquely well-positioned to become the premier private wealth management hub in Asia.  However, we must be able to attract new blood to expand the talent pool.”

Kanas Chan, head of North Asia at Deutsche Bank Wealth Management, agrees. She told Human Resources magazine: “All key industry players need to build a solid talent pool in order to grow their business.”

She added that the programme will benefit the sector by grooming young talents for the industry. “All the participating banks will provide opportunities for the eligible students to work in various functions within the private wealth management business. We believe that through their apprenticeship, they will gain “front-to-back” experience in areas such as client relationship management and regulatory compliance.”

While the programme is specifically aimed at building a young talent pool, Chan denies the bank is struggling to recruit.

“We do not see a huge challenge in attracting young talent,” she said. “Those who are interested in growth opportunities and can deliver high performance while having a positive impact on our clients, employees, investors and society at large, will be keen to join us.”

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