Awards for Distinction 2013 – Singapore

AFD2013_Best Private Bank - Singapore

UBS Wealth Management

Renato de Guzman

Renato de Guzman
Bank of Singapore

With its soaring ambitions to be the private banking capital of Asia, the demonstrable commitment of its sovereign government to nurture the industry as well as the highest concentration of high net worth individuals (HNWIs) relative to population in Asia, Singapore is a vital destination for private banks large and small. It is of particular value to private banks operating in the region, not just for its indigenous population of millionaires, but also as a booking centre for the world’s wealthy. Due to its inherent appeal as a private banking hub, Singapore is also one of the most fiercely contested wealth management markets in Asia.Against this backdrop, Asian Private Banker has identified one private bank which has leveraged its market-leading financials and credit ratings, as well as its local insight, to fortify its status as the private bank of choice for HNWIs in Singapore. The deserved winner of this year’s award, Bank of Singapore, has demonstrated unrivalled local know-how, placing it resolutely ahead of both global and regional peers.

Having adjudged their offering for three years, Asian Private Banker was convinced not only of the scale of the bank’s ambitions for its home market but also of the effective implementation of these strategies. From a total frontline staff strength of more than 200 in 2011 when the bank first won the award in this category, Bank of Singapore now has 260 relationship managers in Asia alone, in addition to its teams in other geographies such as London and Dubai. Moreover, it has almost doubled assets over the same period with strong net new money inflows.

While growth is an important indicator of success, it is meaningless unless it is sustainable. Bank of Singapore was able to authenticate its right to this award by providing data from The Boston Consulting Group Wealth-Manager Performance Database 2013, verifying that it has the highest growth in net new assets among the profitable banks in the region.

This rare combination of growth as well as profitability, deep local expertise along with its superior credit rating and enviable balance sheet strength, has made Bank of Singapore the clear winner in this category for three consecutive years.