Bank of Singapore
|Industry||Private banking and wealth management|
|Predecessor||ING Asia Private Bank|
|Founded||Singapore (January 29, 2010 )|
|Bahren Shaari (CEO)|
|Products||Wealth management, financial analysis, investment|
|AUM||USD 111 billion (30 Jun 2019)|
Number of employees
|More than 1,900|
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. As at 30 June 2019, Bank of Singapore's assets under management (AUM) was US$111 billion.
Bank of Singapore serves high net worth individuals and wealthy families in its key markets of Southeast Asia, Greater China, Indian subcontinent 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.) which is headquartered in Luxembourg and has a 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, 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.
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. The transaction was completed in November 2016, with US$13 billion of assets transferred to Bank of Singapore. More than 60 private bankers from Barclays joined Bank of Singapore as a result of the acquisition.
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. 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. The set-up of the branch allows Bank of Singapore to offer a comprehensive range of customized private banking solutions[buzzword] 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.
In July 2018, Bank of Singapore was granted an investment company license 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.), can offer a comprehensive range of customised private banking solutions[buzzword] 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.
BOS Wealth Management Europe S.A. was officially launched on 1 April 2019 in Luxembourg. The official opening for its UK branch in London was held the next day.
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.
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- "Bank of Singapore Launches Europe Wealth Management Unit". The Business Times. Retrieved 3 April 2019.