![]() | |
Company type | Subsidiary |
---|---|
Industry | Private banking and wealth management |
Predecessor | ING Asia Private Bank |
Founded | 29 January 2010 [1] |
Headquarters | |
Key people | Jason Moo (CEO) |
Products | Wealth planning, asset preservation, alternative investment |
AUM | US$116 billion (30 September 2023) |
Number of employees | More than 2,300 |
Parent | OCBC Group |
Website | www |
The Bank of Singapore is the private banking arm of Oversea-Chinese Banking Corporation (OCBC). Formerly known as ING Asia Private Bank, it was acquired by OCBC in 2009 from ING Group for US$1.46 billion. [2] After completed the acquisition, OCBC subsequently combined ING Asia Private Bank with its own private banking business (OCBC Private Bank), and renamed as Bank of Singapore in January 2010. [3] [4] As of 30 September 2023, Bank of Singapore's total assets under management (AUM) was US$116 billion. [5]
The 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. [4]
Headquartered in Singapore, the Bank of Singapore has branches in Hong Kong and Dubai, with a representative office in Makati City, Philippines. 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 Berhad. Bank of Singapore is rated Aa1 by Moody's. [4]
In October 2009, OCBC acquired ING Asia Private Bank as a result of ING's restructuring plan, following a government bailout of ING Group in 2008, [6] due to the financial crisis in the late 2000s. After completed the acquisition, Bank of Singapore was launched on 29 January 2010 from the combination of ING Asia Private Bank and OCBC Private Bank. [4] [7] Its current headquarters, the Bank of Singapore Centre at Market Street which is located in the heart of Raffles Place, was officially opened on 22 June 2011. [8]
In April 2016, OCBC announced that Bank of Singapore, its private banking subsidiary, had acquired the wealth and investment management business of Barclays in Singapore and Hong Kong. [9] The transaction was completed in November 2016, with US$13 billion of assets transferred to Bank of Singapore. [10] More than 60 private bankers from Barclays joined Bank of Singapore as a result of the acquisition. [11]
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. [12]
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. [13] 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 (DIFC). [14] 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. [15]
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. [16]
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. [17]
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.
On 19 October 2022, BOS Wealth Management Europe S.A., the Luxembourg-based European wealth management arm of Bank of Singapore, was fined €210,000 by Luxembourg’s financial regulator Commission de Surveillance du Secteur Financier (CSSF) for non-compliance with laws on the fight against money laundering and combatting the financing of terrorism. [18] [19]
On 10 November 2022, the Dubai Financial Services Authority (DFSA) imposed a US$1.12 million fine on the Dubai International Financial Centre (DIFC) branch of Bank of Singapore for a number of contraventions, such as inadequate systems and controls, and shortfalls relating to anti-money laundering. [20] DFSA found deficiencies in the bank's AML business risk assessments; assessment of risks posed by its clients; customer due diligence and enhanced customer due diligence practices; identification of clients' source of wealth and funds; and suspicious activity reporting. [21]
The ING Group is a Dutch multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, wholesale banking, private banking, asset management, and insurance services. With total assets of US$967.8 billion, it is one of the biggest banks in the world, and consistently ranks among the top 30 largest banks globally.
HSBC Holdings plc, originally The Hongkong and Shanghai Banking Corporation, and known locally as HongkongBank in Hong Kong, Canada and Australia during the 1980s-90s, is a British universal bank and financial services group headquartered in London, England, with business links to East Asia and a multinational footprint. It is the largest Europe-based bank by total assets, ahead of BNP Paribas, with US$2.953 trillion as of December 2021. In 2021, HSBC had $10.8 trillion in assets under custody (AUC) and $4.9 trillion in assets under administration (AUA).
Standard Chartered plc is a British multinational bank with operations in consumer, corporate and institutional banking, and treasury services. Despite being headquartered in the United Kingdom, it does not conduct retail banking in the UK, and around 90% of its profits come from Asia, Africa, and the Middle East.
OCBC Bank Limited, formerly Wing Hang Bank Limited and OCBC Wing Hang Bank Limited, is a licensed bank with its head office in Hong Kong, where it is the eighth largest bank by total assets. Since end of July 2014, Wing Hang Bank has been a subsidiary of Oversea-Chinese Banking Corporation (OCBC) of Singapore. The acquisition of Wing Hang has given OCBC a network of about 70 branches spanning Hong Kong, Macau, and mainland China to add to OCBC's existing operations in Hong Kong and China.
Oversea-Chinese Banking Corporation, Limited, abbreviated as OCBC, is a Singaporean multinational banking and financial services corporation headquartered in the OCBC Centre. OCBC was created in 1932 during the Great Depression with the consolidation of three predecessor banks, the Chinese Commercial Bank Limited, the Ho Hong Bank Limited, and the Oversea-Chinese Bank Limited.
BankIslami Pakistan LTD. is a Pakistani Islamic bank based in Karachi, Pakistan. It has 400+ branches in 150 cities in Pakistan. It is the first Islamic commercial bank to receive the Islamic banking license under the Islamic banking policy of 2003 from the State Bank of Pakistan on March 31, 2005. The bank started its operations on 7 April 2006 and offers shariah-compliant retail banking, investment banking, consumer banking, and trade finance products. The bank intends to focus on wealth management as the core area of business and plans to soon launch proprietary products and integrated financial planning services. The bank has a nationwide presence. Its branch network consists of 343 branches and sub-branches spread over 125 cities in Pakistan. With the amalgamation of KASB on May 7, 2015, all 104 branches of KASB have become part of BankIslami’s branch network. BankIslami is now the 11th largest banking network in the country with 317 branches in 93 cities nationwide. The idea of BankIslami was conceptualized by Jahangir Siddiqui & Company Limited and Randeree family in late 2003. Mr. Hasan A. Bilgram I. was appointed as adviser to the sponsors on 16th March 2004 to formalize the idea. He presented the concept paper of BankIslami to sponsors on 24 March 2004. A detailed business plan was then prepared and a formal application was submitted to the State Bank of Pakistan on 26 May 2004. On the 26th of September 2005, Dubai Bank joined the sponsors and became one of the founding shareholders of BankIslami by investing 18.75% in the total capital.
The Dubai International Financial Centre (DIFC) is a special economic zone in Dubai covering 110 ha, established in 2004 as a financial hub for companies operating throughout the Middle East, Africa, and South Asia (MEASA) markets.
HSBC Bank Bermuda Limited, previously the Bank of Bermuda Limited, is a financial services company in Bermuda providing retail and corporate banking, investment, custody and fund administration services to international and local clients. In 2004 the HSBC Group acquired the Bank of Bermuda, which has since become a focus for certain fund management and private banking activities. The bank sold much of its Cayman operations in 2014, and disposed its private banking operations at the end of April 2016. The three remaining divisions are retail banking wealth management, commercial banking and global banking and markets. These three businesses represent over 90% of total revenues.
LGT Group is the largest royal family-owned private banking and asset management group in the world. LGT, originally known as The Liechtenstein Global Trust, is owned by the princely House of Liechtenstein through the Prince of Liechtenstein Foundation and led by its royal family members H.S.H. Prince Maximilian von und zu Liechtenstein (CEO) and H.S.H. Prince Philipp von und zu Liechtenstein (chairman).
Butterfield, officially The Bank of N. T. Butterfield & Son Limited, is a bank founded and based in Bermuda. It provides services to clients from Bermuda, the Cayman Islands, Guernsey and Jersey, where its principal banking operations are located, and The Bahamas, Switzerland, Singapore and the United Kingdom, where it offers specialized financial services. Banking services comprise deposit, cash management and lending for individual, business and institutional clients. Wealth management services are composed of trust, private banking, asset management and custody. In Bermuda, the Cayman Islands and Guernsey, Butterfield offers both banking and wealth management. In The Bahamas, Singapore and Switzerland, Butterfield offers select wealth management services. In the UK, Butterfield offers residential property lending. In Jersey, it offers banking and wealth management services. Butterfield is publicly traded on the New York Stock Exchange and the Bermuda Stock Exchange.
Axis Bank Limited, formerly known as UTI Bank (1993–2007), is an Indian banking and financial services company headquartered in Mumbai, Maharashtra. It is India's third largest private sector bank by assets and Fourth largest by Market capitalisation. It sells financial services to large and mid-size companies, SMEs and retail businesses.
FFA Private Bank is a financial institution based in Dubai (DIFC), United Arab Emirates specializing in the fields of capital markets, wealth management and advisory services.
Hottinger Group is an international wealth management business headquartered in London providing family office, Investment banking and other associated financial services. Hottinger is known as one of the first private banks, created on 1 August 1786 by the Hottinguer family.
BSI had been the oldest bank in the Swiss canton of Ticino until its integration into EFG Bank and the following renaming into EFG, which took place in 2017. Founded in 1873 in Lugano as the Banca della Svizzera Italiana, BSI was an institution that specialises in asset management and related services for private and institutional clients. In 1998, the bank became part of the Italian Generali group, one of the world's biggest insurance companies. In July 2014, Generali sold BSI to BTG Pactual for US$1.7 billion, a deal that CEO of the bank, André Esteves stated would make BTG Pactual a “global player in the asset management arena.”
Hinduja Bank Ltd is a Swiss bank.
United Overseas Bank Limited, often known as UOB, is a Singaporean multinational bank headquartered at Raffles Place, Singapore, with branches mostly found in Southeast Asia countries. It is one of the three "big local banks" in the country, the other two being DBS Bank and OCBC Bank.
CBH Compagnie Bancaire Helvétique SA was created in 1975 as a brokerage company known as stock and commodities services. In 1991, it obtained full banking license in Switzerland. The group currently employs approximately 260 employees. The current general manager is Philippe Cordonier. The bank is located in Geneva in the Canton of Geneva in Switzerland, and specialized in private banking and asset management.
Vontobel Holding AG is a Swiss private banking and investment management group headquartered in Zurich. Established in 1924, as of August 2021, Vontobel has over 2,000 employees across 26 worldwide locations. Vontobel group's core businesses are Wealth Management, Asset Management and Digital Investing, catering to wealthy private clients as well as institutional investors. Among the top tier Swiss banks, Vontobel holds around $300 billion of client assets.
The Dubai Financial Services Authority (DFSA) is the financial regulatory agency of the special economic zone, the Dubai International Financial Centre (DIFC), in Dubai, United Arab Emirates. It is distinct from the UAE's federal Securities and Commodities Authority, whose jurisdiction covers the wider UAE outside the boundaries of the DIFC. It operates only within the special economic zone and is tasked with providing a regulatory environment of international standards.
Bahren Shaari is a Singaporean business executive who served as the chief executive officer of Bank of Singapore between 2015 and 2022. Under his leadership, the bank's reach has expanded around the world and has offices in Singapore, Europe, Dubai, and Hong Kong.