UOB steps up growth in China

UOB is still busy hiring in the PRC as it continues to expand its franchise across the country, but the search for banking talent in Chinese cities is not without challenges.

Chua Tian Chu, executive vice president for UOB in China, tells eFinancialCareers: ìWe currently have over 300 staff in UOB (China), and will grow our headcount as we expand our network and product offerings.î

In preparation for its December 2007 incorporation in China, the Singaporean bank concentrated recruitment on support functions, such as risk management, internal audit, finance and compliance.

Chua says UOB, which has branches in Beijing, Shanghai, Guangzhou, Shenzhen, Xiamen, Shenyang and Chengdu, is now expanding into personal financial services and treasury to serve both corporates and individuals.

Andrew Richardson, a consultant at recruiters Futurestep, says the skills shortage in China is becoming even more acute as foreign banks expand their branch networks. ìAlthough the main two cities, Shanghai and Beijing, seem quite stable in regards to the levels of candidates, more banks are opening across China especially in second-tier cities,î he adds.

UOBís recruitment currently focuses on middle management roles, according to Chua. But where is the firm finding its new hires? ìWhen recruiting senior staff for our China subsidiary, we cast the net wide. The channels we explore include local and expatriate placements, as well as internal transfers.î

Richardson says staff at domestic Chinese banks are often attracted by roles at foreign firms. ìWith most mid/senior-level professionals, the compensation can be significantly higher within foreign banks. And while this is not the top motivation for candidates, itís a fact and the candidates know it,î he adds.

Despite the skills squeeze, financial institutions have been attempting to localise their staff, even at the senior level, says Richardson. They are also trying to convince foreign-based Chinese nationals to come home. But returning isnít always easy.

Richardson explains: ìMost overseas Chinese will welcome the opportunity to return home but we often face the challenge of aligning compensation to their expectations. Of course, benefits and allowances may differ from overseas, yet returnee candidates will expect a foreign package if they decide to come back to China.î