Awards for Distinction 2023 – Best Private Bank – Philippines

Best Private Bank Philippines


Bank of Singapore

Best Private Bank – Philippines

Robin Heng

Co-head of private banking, Singapore
Bank of Singapore

Bank of Singapore is extremely heartened to be recognised with this accolade.

We have devoted much resources and effort towards strengthening our service and investment product proposition for clients in the Philippines. We expanded research coverage to encompass more Philippine corporates of interest and greater familiarity to clients. We also engaged closely with them to keep them apprised of the bank’s latest market views and advisory.

The team achieved strong growth in net interest income and successfully expanded clientele coverage to previously untapped networks despite challenging and volatile market conditions, which attests to their hard work and innovative efforts.

We are thankful to our clients for their support and confidence and will continue to do our best to meet their wealth management needs.

What was behind the judges’ decision?

  • Despite a volatile market environment, AUM in Bank of Singapore’s Philippines business has remained stable, while revenues saw growth driven by robust net interest income. It has established a strong presence with prominent business people in the Bacolod community, a largely untapped market
  • In 2023, leveraging its global product offerings, the bank highlighted alternative investments, providing clients with more options compared to local competitors. Its fixed income research team also expanded its coverage of Philippine corporates, providing clients with updated research, fostering fundraising, and broadening the market for USD bonds issued by Philippine entities
  • More education events were organised for clients, while digital access was improved through enhanced online trading capabilities and increased webinar offerings. On the people front, Bank of Singapore prioritised talent placement, organised diverse team-building activities and expanded training programmes for staff development.

What we said

“Bank of Singapore maintains an onshore presence in the Philippines through a representative office, where it has noticed a notable increase in wealth transfer,” said Audrey Raj, senior consultant and South Asia editor of Asian Private Banker.
“This surge is fuelled by the wealth succession model and is instrumental in the bank’s expanding market share within this burgeoning wealth market.

“The team has expanded Bank of Singapore’s marketing efforts to key provincial locations beyond Metro Manila, such as Cebu and Bacolod, in 2023. Other major cities are slated for early 2024, demonstrating a long-term commitment to the market.

“Front office headcount has remained steady, with the introduction of new products and an enhancement in digital offerings. These factors contributed to the group being awarded Best Private Bank – Philippines. Team APB congratulates Bank of Singapore on this recognition.”

Contact Us
All awards related enquiries to
[email protected]
+852 8191 7196