Singapore’s global reputation as a private banking destination has continued to thrive, underpinned by the city’s political and legal stability.

In 2024, private banks in Singapore benefited from an influx of Greater China clients, the growing ASEAN wealth corridor and a supportive policy regime for new family offices, attracting more ultra/high net worth individuals to book assets in the city-state. However, this comes with increasing competition for talent and client wallet share, as well as a greater demand for sophisticated services and innovative products among clients.

In this environment, Asian Private Banker presents the top five private banks to watch in Singapore in 2025.

Bank of Singapore 

Over the past two years, Bank of Singapore has worked aggressively to meet CEO Jason Moo’s ambition of reaching US$145 billion in assets under management (AUM) and increasing relationship manager (RM) headcount to 500 by the end of 2025.

Throughout 2024, the private banking arm of OCBC has been hiring in its Singapore and Hong Kong hubs, notably with the appointment of Rickie Chan as head of Greater China and chief executive of Hong Kong. But of all the significant appointments, the market was most surprised with veteran banker and former Pictet Asia CEO Tee Fong Seng joining as a board director.

Also in late 2024, Bank of Singapore rejigged its coverage structure, imposing a new market group head framework. While there were no changes to banker responsibilities, Moo highlighted in the note that the new structure allows him to “stay close to the business and remain focused on executing the bank’s strategy and driving growth.” The new market group heads are: Jeffrey Tan and Adrian Teo for ASEAN, Dennis Hong for Greater China and North Asia, Hu Hong for Greater China, and Zubin Dabu for Europe, Middle East, Africa and Global South Asia.

Additionally, Moo has also taken up the role as head of private banking, Singapore, ad interim, following Robin Heng and Rodney Sin departing as co-heads of private banking for Singapore. Meanwhile, Chan’s mandate now covers the whole Greater China market, including Singapore.

Bank of Singapore had 450 RMs as of April 2024, and reported an AUM of US$116 billion in 2023, according to APB Insights. With APB set to release its 2024 AUM league table in the second quarter of the year, many are eager to see how Bank of Singapore’s new hires are contributing to bringing in more AUM and how close the bank is to achieving its 2025 target.

Bank of Singapore announces new structure as veteran banker retires

Julius Baer 

After Julius Baer’s new group CEO, Stefan Bollinger, started in January, it is telling that the first overseas trip he made was to Asia.

Like Bank of Singapore, Julius Baer is expanding rapidly in Hong Kong and Singapore. Jimmy Lee, group regional head for Asia, described 2024 as a “remarkable journey” for the bank.

“Our impressive track record speaks for itself; as of September, we’ve recorded almost a 20% increase in recurring revenue and over a 15% increase in client assets,” Lee said in APB flagship year-end report Final Word 2024. Looking ahead to 2025, he said the bank plans to continue this momentum by deepening client engagement through personalised services that emphasise long-term partnerships.

However, according to Bloomberg, cost-cutting is one of Bollinger’s key tasks. Julius Baer in Asia is known to be a generous payer when it comes to attracting talent, but that could change if Bollinger’s first task is to cut costs.

In its 1H24 earnings, Julius Baer increased its gross target for its 2023–2025 cost reduction programme from CHF 120 million to CHF 130 million. The bank added that, on a run-rate basis, the programme had reached CHF 120 million by the end of June 2024.

UOB Private Bank 

Under the helm of atypical private banker Chew Mun Yew, UOB Private Wealth’s start has risen substantially over the past three years.

Chew joined UOB in December 2021. From 2022 to 2023 FY, according to APB Insights, UOB Private Wealth’s AUM grew 16% to US$93.8 billion.

But does Chew have what it takes to meet his target of doubling AUM from his starting point in 2021 of around US$74.9 billion – according to APB estimates – by 2026.

Despite having hired senior private bankers from regional competitors and other international players over the last two years, UOB Private Wealth last year has been relatively quiet in terms of new hires. Since 2023, the bank has been working on merging its private bank with privilege reserve, the wealth segment of UOB that caters to clients with S$2 million and above. By the end of 2025, UOB’s privilege reserve will be fully integrated into private banking.

UOB Private Wealth’s strategy may not align with traditional private banking services that cater to ultra/high net worth (U/HNW) individuals and family offices with global servicing needs. Instead, it focuses on HNW wealth management. However, as many private banks linked to wealth management businesses pursue a wealth continuum model, could UOB Private Wealth become a leader in this space?

“We will strengthen our relationships with regional HNWIs and UHNWIs, which entails building dedicated teams and resources for client acquisition and retention in ASEAN and Greater China,” Chew commented recently. In an interview with APB last year, he said the bank “certainly hopes to get the total number (of RMs) to be closer to 420 to 450 by 2026.” In 2023, UOB Private Wealth had 320 RMs.

How Chew Mun Yew plans to double UOB PW’s AUM by 2026

J.P. Morgan Private Bank 

J.P. Morgan Private Bank recently took home Asian Private Banker Awards for Distinction – Best Private Bank Singapore for UHNW, underscoring the progress it has made in the city-state.

It has been two years of changes for J.P. Morgan Private Bank in Singapore. From the departure of James Wey to Paul Thompson taking up the role of head of Singapore and Southeast Asia, one thing that has not changed is the bank’s drive to fill up its talent bench and scale up its services.

J.P. Morgan Private Bank is among the private banks that openly announce their hiring efforts. Throughout 2024, the US bank has consistently highlighted new bankers joining its ranks on social media. A notable hire is Chris Harwood, a seasoned ASEAN banker and former market head for ASEAN and Australia at HSBC Global Private Banking, who joined as market head for Indonesia and head of single coverage for Southeast Asia.

While Harwood will be tasked with expanding the Indonesia market, he will also head the single coverage team in Southeast Asia. J.P. Morgan Private Bank’s single coverage is a segment that targets HNW individuals, where the team is expected to cover the clients’ full wealth management journey, including all areas of banking and relationship management, investments and advice.

In Singapore, alongside an influx of Greater China clients, the city-state remains a traditional hub for U/HNW and affluent clients from ASEAN countries to park their money. For the US bank, 2025 could be another strong year for attracting new business in the country through its extensive global footprint and versatile business models.

The great migration: How do banks adapt and thrive as wealth goes global?

DBS Private Bank 

Will 2025 be a year of change or growth for DBS Private Bank, with former private banker Tan Su Shan imminently taking the top seat?

Having always been a strong homegrown name in Singapore, DBS, in recent years, has sharpened its focus on private banking services besides just traditional wealth management offerings. From hiring strong talent in the Greater China market to seeing gangbusters growth in the family office space, DBS is walking the talk in its commitment to scaling the business.

Joseph Poon, group head of DBS Private Bank, won the prestigious accolade of Private Banker of the Year at the APB Awards for Distinction 2024. Under the management of Poon, the bank significantly grew its presence outside of Singapore, including markets like Taiwan and Thailand, as well as expanding into Europe. DBS now serves one-third of Singapore’s single-family offices.

As part of the broader wealth management business, DBS Private Bank’s goal is clear: it aims to be one of the best private banks in the world. DBS Wealth Management had US$200.7 billion in AUM in 2023. APB understands that this number grew by a high single-digit percentage in 2024.

As Tan will soon succeed DBS veteran Piyush Gupta in March, the market is waiting to see how the new group CEO will chart a new course for the Singapore-based giant.