Bahren Shaari, chief executive of Bank of Singapore, told a Reuters summit on Thursday: “We are looking to explore partnerships, joint ventures or any other mode in which we can bring our offshore expertise…to an onshore set-up that already has a good client base.” 

He added: “Whether we will set up our own Bank of Singapore entity is also something we are exploring." The CEO did not give a timeline for the plan.

Bank of Singapore may be one of several major lenders looking to set up an onshore presence in China as the world's second largest economy continues to open up to foreign investment. Earlier this week, for example, London-headquartered Standard Chartered said it would consider next year whether it should launch an onshore private bank in China.

Through OCBC, which already has onshore operations in China, Bank of Singapore agreed in early April to acquire Barclays' wealth and investment management businesses in Singapore and Hong Kong. The deal is expected to complete by the end of the year.

Among other changes at Bank of Singapore recently, Johan Jooste, formerly of Azure Wealth and Julius Baer, was recently appointed as chief investment officer.