Bank of Singapore

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Bank of Singapore
IndustryPrivate banking and wealth management
PredecessorING Asia Private Bank
FoundedSingapore (January 29, 2010 (2010-01-29))
Key people
Bahren Shaari (CEO)
ProductsWealth management, financial analysis, investment
AUMUSD 105 billion (30 Sep 2018)
Number of employees
More than 1,900
ParentOCBC Bank

Bank of Singapore (Chinese: 新加坡银行; pinyin: Xīnjiāpō yínháng) is a Singapore-based private banking arm of OCBC Bank. Formerly known as ING Asia Private Bank, it was acquired by OCBC Bank in 2009 from ING Group for US$1.46 billion.[1] As at 30 September 2018, Bank of Singapore's assets under management (AUM) was US$105 billion.[2]

Bank of Singapore serves high net worth individuals and wealthy families in its key markets of Southeast Asia, Greater China, India Sub-Continent and other International markets.

Headquartered in Singapore, Bank of Singapore has branches in Hong Kong and Dubai International Financial Centre, with representative offices in Manila and Dubai. In Europe, the bank serves clients through BOS Wealth Management Europe Société  Anonyme (S.A.) in Luxembourg and from their OCBC London office. Bank of Singapore is rated Aa1 by Moody's.


The bank was formed in 2010 by the acquisition of ING Asia Private Bank by OCBC Bank in 2009, as a result of ING's restructuring plan, following a government bailout of ING Group in 2008,[3] due to the financial crisis in the late 2000s. Its current headquarters, the Bank of Singapore Centre at Market Street, was officially opened on June 2011. Since then, the bank has been strengthening its position in the Asia Pacific region.[4]

In April 2016, OCBC Bank announced that Bank of Singapore, its private banking subsidiary, had acquired the wealth and investment management business of Barclays in Singapore and Hong Kong.[5] The transaction was completed in November 2016, with US$13 billion of assets transferred to Bank of Singapore.[6] More than 60 private bankers from Barclays joined Bank of Singapore as a result of the acquisition.[7]

Bank of Singapore partnered the Wealth Management Institute and Nanyang Technological University to launch an Advanced Diploma in Private Banking Programme for its private bankers in May 2016.[8] Bank of Singapore ranks amongst the few private banks based in Singapore to offer its bankers a holistic suite of training programmes that meet the full spectrum of the Institute of Banking and Finance Standards (Level 1 to 3).

In October 2016, Bank of Singapore announced that DZ PRIVATBANK Singapore will refer their clients to the bank as it ceases its operations in Singapore.[9] DZ PRIVATBANK is a subsidiary of the third largest bank in Germany, DZ Bank AG.

In November 2016, Bank of Singapore received regulatory approval to operate a branch in Dubai International Financial Centre.[10] The set-up of the branch allows Bank of Singapore to offer a comprehensive range of customized private banking solutions including investments, credit and wealth planning advisory services to its ultra high and high net worth clients. The branch was officially opened on 19 February 2017 by the Deputy Ruler of Dubai and President of Dubai International Financial Centre His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum.[11]

In July 2018, Bank of Singapore was granted an investment company licence to operate a wealth management subsidiary in Luxembourg – a first for a Singapore private bank. Bank of Singapore, through this new subsidiary, BOS Wealth Management Europe Société Anonyme (S.A.), will be able to offer a comprehensive range of customised private banking solutions and investment advisory services to its ultra-high and high net worth clients in the European Economic Area (“EEA”) and the United Kingdom (“UK”). The EEA comprises the European Union (EU) countries and Iceland, Liechtenstein and Norway.[12]


The bank provides customised wealth management, investment and lending services, on top of general banking services provided by its parent bank, OCBC Bank. It also offers financial analysis in areas such as international equities and estate planning services.


  • Best Private Bank in Singapore 2011 - 2017 (from Asian Private Banker)
  • Best Private Bank for Non-resident Indians 2017 (from Asian Private Banker)
  • Best Private Bank for Training & Development 2017 (from Asian Private Banker)
  • Outstanding Private Bank - Southeast Asia 2017 (from Private Banker International)
  • Outstanding Private Bank - Asia Pacific Regional Player 2017 (from Private Banker International)
  • Best Private Bank in Singapore 2017 (from PWM/The Banker Global Private Banking Awards)
  • Best Private Bank in Indonesia 2017 (from PWM/The Banker Global Private Banking Awards)
  • Best Private Bank for Entrepreneurs in Asia Pacific 2017 (Global Finance)
  • Best Private Bank in Singapore 2010-2013 & 2017 (from FinanceAsia)
  • Best Private Wealth Management Bank in Southeast Asia 2010-2017 (from Alpha Southeast Asia)
  • Best Private Wealth Management Bank in Singapore 2010-2017 (from Alpha Southeast Asia)
  • Best International Private Bank in Philippines 2014-2016 (from Asian Private Banker)
  • Best Domestic Clients Team 2015 (from WealthBriefing Asia Singapore)
  • Best Domestic Private Bank Singapore 2011, 2013 & 2014 and Top 3 Overall Best Private Banks in Singapore in 2011 (from Asiamoney)
  • Best Private Bank for Relationship Management and Range of Investment Products in the Philippines 2010 (from Euromoney)


  1. ^ ING to sell Asian Private Banking business to OCBC | ING
  2. ^ "Performance | Bank of Singapore".
  3. ^ Reuters Editorial (15 October 2009). "OCBC buying ING Asia private bank". Reuters UK.
  4. ^ "Bank of Singapore set to notch record growth of up to 15%" (link) (Press release). Singapore: Business Times. 2014-12-15. Retrieved 2015-03-31.
  5. ^ "OCBC acquires Barclays' wealth business in Asia for S$430m". Channel NewsAsia. Retrieved 2017-04-03.
  6. ^ "Barclays Wealth Units Priced Below Estimate in Sale to OCBC". 2016-11-27. Retrieved 2017-04-03.
  7. ^ Meixian, Lee. "Bank of Singapore completes acquisition of Barclays' wealth business at a lower price". The Business Times. Retrieved 2017-04-03.
  8. ^ "Back to School at Bank of Singapore". Retrieved 2017-04-03.
  9. ^ "Germany's DZ Bank to refer clients to OCBC's unit as it exits Singapore". Reuters. 2016-10-28. Retrieved 2017-04-03.
  10. ^ Tan, Angela. "Bank of Singapore gets licence to operate branch in Dubai Int'l Financial Centre". The Business Times. Retrieved 2017-04-03.
  11. ^ "Bank of Singapore to serve GCC from DIFC hub". Khaleej Times.
  12. ^ Mui, Rachel. "OCBC's Bank of Singapore gets regulatory nod to launch Luxembourg unit". The Business Times. Retrieved 2018-09-27.

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