The Bank of Singapore is the

private banking Private banking is banking, investment and other financial services provided by banks and financial institutions primarily serving high-net-worth individuals (HNWIs)—defined as those with very high levels of income or sizable assets. A bank that ...

arm of

OCBC Bank Oversea-Chinese Banking Corporation, Limited (), often known as OCBC Bank (), is a Singaporean multinational banking and financial services corporation headquartered in OCBC Centre, Singapore. OCBC Bank was born out of the Great Depression thr ...

. Formerly known as ING Asia Private Bank, it was acquired by OCBC Bank in 2009 from

ING Group The ING Group ( nl, ING Groep) is a Dutch multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, wholesale banki ...

for US$1.46 billion. As of 30 September 2022, Bank of Singapore's assets under management (AUM) was US$109 billion. The Bank of Singapore serves high net worth individuals and wealthy families in its key markets of Asia, Greater China, the Indian subcontinent and other international markets. Headquartered in Singapore, the Bank of Singapore has branches in Hong Kong and Dubai, with a representative office in Manila. In Europe, the bank serves clients through BOS Wealth Management Europe Société Anonyme (S.A.) which is headquartered in Luxembourg and has a London office. In Malaysia, it serves its clients through BOS Wealth Management Malaysia. Bank of Singapore is rated Aa1 by

Moody's Moody's Investors Service, often referred to as Moody's, is the bond credit rating business of Moody's Corporation, representing the company's traditional line of business and its historical name. Moody's Investors Service provides internationa ...

History

The bank was launched on 29 January 2010 by the acquisition of ING Asia Private Bank by

in 2009, as a result of ING's restructuring plan, following a government bailout of ING Group in 2008, due to the

financial crisis A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and man ...

in the late 2000s. Its current headquarters, the Bank of Singapore Centre at Market Street, was officially opened in June 2011. Since then, the bank has been strengthening its position in the Asia Pacific region. In April 2016, OCBC Bank announced that Bank of Singapore, its private banking subsidiary, had acquired the wealth and investment management business of Barclays in Singapore and Hong Kong. The transaction was completed in November 2016, with US$13 billion of assets transferred to Bank of Singapore. More than 60 private bankers from Barclays joined Bank of Singapore as a result of the acquisition. Bank of Singapore partnered the Wealth Management Institute and

Nanyang Technological University The Nanyang Technological University (NTU) is a national research university in Singapore. It is the second oldest autonomous university in the country and is considered as one of the most prestigious universities in the world by various in ...

to launch an Advanced Diploma in Private Banking Programme for its private bankers in May 2016. In October 2016, Bank of Singapore announced that DZ PRIVATBANK Singapore will refer their clients to the bank as it ceases its operations in Singapore. DZ PRIVATBANK is a subsidiary of the third largest bank in Germany, DZ Bank AG. In November 2016, Bank of Singapore received regulatory approval to operate a branch in

Dubai International Financial Centre The Dubai International Financial Centre (DIFC) is a special economic zone in Dubai covering , established in 2004 as a financial hub for companies operating throughout the Middle East, Africa and South Asia (MEASA) markets. DIFC is regulated b ...

. The set-up of the branch allows Bank of Singapore to offer a range of private banking solutions including investments, credit and wealth planning advisory services to its ultra high and high net worth clients. The branch was officially opened on 19 February 2017 by the Deputy Ruler of Dubai and President of Dubai International Financial Centre His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum. In July 2018, Bank of Singapore was granted an investment company license to operate a wealth management subsidiary in Luxembourg – a first for a Singapore private bank. Bank of Singapore, through this new subsidiary, BOS Wealth Management Europe S.A., can offer a range of private banking solutions and investment advisory services to its ultra-high and high net worth clients in the

European Economic Area The European Economic Area (EEA) was established via the ''Agreement on the European Economic Area'', an international agreement which enables the extension of the European Union's single market to member states of the European Free Trade As ...

(EEA) and the United Kingdom. BOS Wealth Management Europe S.A. was officially launched on 1 April 2019 in Luxembourg. The official opening for its UK branch in London was held the next day.

Services

The bank provides customised wealth management, investment and lending services, on top of general banking services provided by its parent bank, OCBC Bank. It also offers financial analysis in areas such as international equities and estate planning services.

References

{{Authority control Singaporean companies established in 2010 Banks established in 2010 Banks of Singapore OCBC Bank