Awards for Distinction 2012 – Singapore


afd2012

Bank of Singapore

Renato de Guzman

Renato de Guzman
Chief Executive Officer
Bank of Singapore

Bahren Shaari

Bahren Shaari
Global Marketing Head of South East Asia
Bank of Singapore

Singapore has blossomed into a banking and finance epicentre, bringing with it opportunity and rivalry for private banks looking to tap Asia’s burgeoning high net worth population, as well as an increasingly eastward-looking global client pool. Accordingly, private banks with a presence in the city-state are building teams and honing offerings so as to increase their share of a US$439 billion market. Against this backdrop, Asian Private Banker has identified one private bank which has utilised its local insight and know-how to fortify its status as a key player in the Singapore private banking scene.

Bank of Singapore receives the Asian Private Banker Best Private Bank – Singapore award for the second consecutive year in recognition of its ambitious – and effective – pursuit of growth; and the numbers don’t lie.

Bank of Singapore received US$7 billion of net new money in 2012. Assets under management exceeded US$41 billion, more than a 30% jump from its 2011 numbers. At the same time, the private bank has almost doubled the number of relationship managers (RMs), and now has close to 280 RMs of various nationalities serving its global clients. It also has close to 25 specialists engaged in proprietary research in key areas including estate planning services and insurance solutions, and a 15-person strong team dedicated to discretionary portfolio management.

Embracing a truly open architecture strategy has allowed the local private bank to bring a diverse range of products and services to its discretionary, advisory and trading-oriented investors.

At the same time, Bank of Singapore is well placed to offer commercial and business banking solutions and services, such as mortgage financing and corporate finance, through its parent company OCBC Bank.

Indeed, the future is bright for this fledgling private bank, a sentiment shared by Bahren Shaari, Global Marketing Head of South East Asia at Bank of Singapore. “We have the complete building blocks of a good private banking offering,” he says, adding “Our edge at being an Asian bank and knowing the region better, combined with the network of our parent company OCBC makes us the preferred private bank here.”