Bank of Singapore

The Bank of Singapore 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.[2] As at 31 March 2020, Bank of Singapore's assets under management (AUM) was US$104 billion.[3]

This article is about a Singapore-based private bank. For a list of banks in Singapore, see List of banks in Singapore.
Bank of Singapore
IndustryPrivate banking and wealth management
PredecessorING Asia Private Bank
Founded29 January 2010 (2010-01-29)[1]
Headquarters
Singapore
Key people
Bahren Shaari (CEO)
ProductsWealth management, financial analysis, investment
AUMUSD 104 billion (31 Mar 2020)
Number of employees
More than 1,900
ParentOCBC Bank
Websitewww.bankofsingapore.com

The Bank of Singapore serves high net worth individuals and wealthy families in its key markets of Asia, Greater China, the Indian subcontinent and other international markets.

Headquartered in Singapore, the Bank of Singapore has branches in Hong Kong and Dubai, with a representative office in Manila. 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. In Malaysia, it serves its clients through BOS Wealth Management Malaysia. Bank of Singapore is rated Aa1 by Moody's.

History

The bank was launched on 29 January 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,[4] 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.[5]

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.[6] The transaction was completed in November 2016, with US$13 billion of assets transferred to Bank of Singapore.[7] More than 60 private bankers from Barclays joined Bank of Singapore as a result of the acquisition.[8]

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.[9]

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.[10] 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.[11] 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.[12]

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 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.[13]

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.[14]

Services

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.

References
  1. "OCBC Bank launches a dedicated private bank, Bank of Singapore, formerly known as ING Asia Private Bank" (PDF). OCBC Bank. 29 January 2010. Archived from the original (PDF) on 2 April 2015. Retrieved 25 September 2019.
  2. ING to sell Asian Private Banking business to OCBC | ING
  3. "Quarterly results | OCBC Bank" (PDF). www.bankofsingapore.com.
  4. Reuters Editorial (15 October 2009). "OCBC buying ING Asia private bank". Reuters UK.
  5. "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.
  6. "OCBC acquires Barclays' wealth business in Asia for S$430m". Channel NewsAsia. Retrieved 2017-04-03.
  7. "Barclays Wealth Units Priced Below Estimate in Sale to OCBC". Bloomberg.com. 2016-11-27. Retrieved 2017-04-03.
  8. Meixian, Lee. "Bank of Singapore completes acquisition of Barclays' wealth business at a lower price". The Business Times. Retrieved 2017-04-03.
  9. "Back to School at Bank of Singapore". finews.asia. Retrieved 2017-04-03.
  10. "Germany's DZ Bank to refer clients to OCBC's unit as it exits Singapore". Reuters. 2016-10-28. Retrieved 2017-04-03.
  11. Tan, Angela. "Bank of Singapore gets licence to operate branch in Dubai Int'l Financial Centre". The Business Times. Retrieved 2017-04-03.
  12. "Bank of Singapore to serve GCC from DIFC hub". Khaleej Times.
  13. Mui, Rachel. "OCBC's Bank of Singapore gets regulatory nod to launch Luxembourg unit". The Business Times. Retrieved 2018-09-27.
  14. "Bank of Singapore Launches Europe Wealth Management Unit". The Business Times. Retrieved 3 April 2019.
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