Trusted Part­ner

Bank of Sin­ga­pore cred­its its rep­u­ta­tion as a safe and de­pend­able fi­nan­cial in­sti­tu­tion for its high growth rate

Hong Kong Tatler - - Tatler Focus Bank Of Singapore -

Bank of Sin­ga­pore may be just four years old but its rel­a­tive youth be­lies its suc­cess. De­spite be­ing the new­est kid on the block, the bank has been record­ing healthy growth. As at June 30, 2014, its as­sets stood at US$51 bil­lion, up 14 per cent year on year and more than dou­ble the US$22 bil­lion as­sets held when op­er­a­tions be­gan in Jan­uary 2010.

A study by the Bos­ton Con­sult­ing Group found that Bank of Sin­ga­pore had the high­est growth rate for net new as­sets of any pri­vate bank in 2012, grow­ing by 23.4 per cent - more than dou­ble the in­dus­try av­er­age.

Chief ex­ec­u­tive of its Hong Kong branch, Ser­mon Kwan, says the Bank’s pos­i­tive growth is tes­ti­mony to the op­por­tu­ni­ties that abound for a pri­vate bank that blends the best of three fac­tors. Firstly, its strong parent­age in OCBC Bank, which pos­sesses a solid fi­nan­cial po­si­tion; se­condly, the fact that the bank is head­quar­tered in Sin­ga­pore, which has AAA credit rat­ing and has emerged as a global hub for the pri­vate bank­ing business; and thirdly, Bank of Sin­ga­pore’s in­ter­na­tional pri­vate bank­ing com­pe­ten­cies, driven by a strong re­search based and open-ar­chi­tec­ture prod­uct plat­form.

“Our business model as Asia’s global pri­vate bank of­fers clients a holis­tic value propo­si­tion: we marry our global ex­per­tise with Asian val­ues and ser­vice phi­los­o­phy. Our clients like that we have a strong prod­uct and ad­vi­sory ca­pa­bil­ity, sta­ble man­age­ment team, and strong cre­den­tials,” he says.

Bank of Sin­ga­pore’s Aa1 rat­ing by Moody’s has proven to be a strong at­trac­tion to high net worth in­di­vid­u­als look­ing to di­ver­sify their wealth into a Sin­ga­pore-based bank for ad­di­tional se­cu­rity. Sin­ga­pore has demon­strated re­silience dur­ing se­vere macroe­co­nomic en­vi­ron­ments as seen dur­ing the Asian cri­sis, the Euro­pean sov­er­eign debt cri­sis, and the sub­prime cri­sis in the US.

As the ded­i­cated pri­vate bank­ing arm of OCBC Bank, Bank of Sin­ga­pore is nim­ble and re­acts faster to mar­ket changes. Build­ing on an ope­nar­chi­tec­ture plat­form that grew out of its ori­gins in ING Asia Pri­vate Bank, Bank of Sin­ga­pore has the added edge of be­ing able to source and de­liver the best and most suit­able so­lu­tions to its clients.

Re­search forms the cor­ner­stone of the bank’s abil­i­ties to rec­om­mend in­vest­ment strate­gies, prod­ucts and ser­vices. Clients are of­fered ac­cess to the bank’s pro­pri­etary re­search cov­er­ing macro­eco­nomics, global fixed in­come, global eq­ui­ties, for­eign ex­change and de­riv­a­tives, as well as es­tate plan­ning ser­vices and in­surance so­lu­tions. A team of 160 re­search and in­vest­ment spe­cial­ists pro­vides a wide spec­trum of prod­ucts, in­vest­ment ideas and ser­vices to suit the needs of dif­fer­ent clients and meet their ob­jec­tives to pre­serve, grow and trans­mit their wealth to fu­ture gen­er­a­tions.

With its strong Asian her­itage, Bank of Sin­ga­pore is one step ahead of its lo­cal and in­ter­na­tional peers. Thanks to its un­der­stand­ing of the re­gion’s cul­tures and com­plex­i­ties, it is able to support clients’ needs with its global net­work and of­fer­ings.

In Hong Kong, the bank fo­cuses on serv­ing clients from the Greater China re­gion, cov­er­ing Main­land China, Tai­wan and Hong Kong. It has also es­tab­lished a very suc­cess­ful business to serve the needs of non-res­i­dent In­di­ans who have made Hong Kong their home.

With OCBC’S re­cent ac­qui­si­tion of Wing Hang Bank, which has 95 branches in Hong Kong, Ma­cau and China, there is good growth po­ten­tial for Bank of Sin­ga­pore in the Greater China re­gion. Syn­er­gies within the en­tire OCBC Group al­low Bank of Sin­ga­pore to con­nect its clients to greater business op­por­tu­ni­ties in th­ese mar­kets. At the same time, clients will be sup­ported by a much stronger fi­nan­cial ser­vices group, with a broader plat­form of fi­nan­cial ser­vices and ac­cess to a larger bank­ing net­work.

As a group, OCBC and its af­fil­i­ates are well-po­si­tioned to meet the cor­po­rate needs of high net worth in­di­vid­u­als in Greater China, of­fer­ing cor­po­rate bank­ing ser­vices, com­mer­cial prop­erty fi­nanc­ing and trade fi­nance fa­cil­i­ties, while Bank of Sin­ga­pore of­fers pri­vate bank­ing ser­vices. In fact, Bank of Sin­ga­pore clients en­joy a full suite of ser­vices that cater to both their business and per­sonal wealth needs, mak­ing the bank a one-stop shop for clients as their busi­nesses ex­pand.

With Greater China iden­ti­fied as a strong high-growth re­gion, the OCBC Group is com­mit­ted to in­vest­ing and grow­ing its business in the re­gion. Bank of Sin­ga­pore will con­tinue to play an in­te­gral role in this blue­print.

Hav­ing made its mark in­ter­na­tion­ally within a short pe­riod of time, Bank of Sin­ga­pore con­tin­ues on a path of healthy growth and is fac­ing the fu­ture with con­fi­dence.

Ser­mon Kwan, chief ex­ec­u­tive, Hong Kong branch, Bank of Sin­ga­pore

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