Bank of Singapore
One private bank has distinguished itself by its strong financials and credit rating, market-leading product shelf, high penetration of the regional HNWI population and unparalleled local insights. Bank of Singapore, the deserved winner of this award for the fourth consecutive year, has demonstrated beyond a doubt its dominance of the wealth management industry in Singapore across several parameters, including but not restricted to, assets under management (AUM).
Having judged its offering for four 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 304 relationship managers, in addition to its teams in other geographies such as London and Dubai.
Rated Aa1 with a stable outlook by Moody’s, the bank has leveraged its strong financial base to fortify its status as the private bank of choice for HNWIs in Singapore, with over US$51 billion in AUM at the time of the submission for the award. Whilst the number is important as an absolute indicator of the bank’s success, it is as vital, if not more so, as a predictor of its sustainability. With year-on-year asset growth outstripping year-on-year headcount growth by more than double – 14% versus 6%, respectively – the bank is able to demonstrate the longevity of its model.
This elusive combination of growth, profitability, in depth local expertise as well as a superior credit rating and enviable balance sheet strength, has made Bank of Singapore the clear winner in this category for the fourth consecutive year.