BEST PRIVATE BANK – PHILIPPINES INTERATIONAL
BANK OF SINGAPORE
Bank of Singapore had a formative 2016, headlined by its acquisition of Barclays Wealth and Investment Management in Hong Kong and Singapore. But the private bank’s strengths go beyond Asia’s two key offshore centres, as evidenced by its prowess in the Philippines International space, where its close synergies with parent group, OCBC, and its pedigree as a fully-fledged wealth manager have given it a leg-up on the competition.
The Philippines economy grew 7.1% in 2016 bettering the rest of Asia and, since 2000, the average wealth per adult has increased by over 250%, spelling opportunity for wealth managers that are serious about committing to the Philippines.
And Bank of Singapore is serious. By leveraging OCBC’s arsenal of commercial, investment and corporate banking capabilities, Bank of Singapore has carved out a niche as a wealth manager par excellence, providing best-in-class solutions for ‘underserved’ and ‘unbanked’ owners of small-to-medium enterprises in the Philippines and the wider Southeast Asian region.
Bank of Singapore has assembled a formidable bench of practitioners, whose expertise and acute knowledge of the nuances and sensitivities on families in the Philippines, has significantly enhanced the quality of service and solutions it has on offer. And in 2016, it further strengthened its Philippines-focused team with key hires across the ultra high net worth, family office and institutional clients spaces.
“Besides having a trusted private banker who can manage their personal wealth, many of them [UHNWIs and HNWIs in the Philippines] are increasingly looking for one who can help them on the business front as well. We have been able to fulfil this need through the synergy with our parent company, OCBC Bank,” says, Robin Heng, global market head, Indonesia and Philippines, commenting on Bank of Singapore’s unprecedented third-time win.
Bank of Singapore is Asian Private Banker’s Best Private Bank – Philippines International for 2016.