Bank of Singapore (BoS) is targeting
double-digit growth in assets under management (AuM) for 2011 and
is set to expand its European and Asian ‘home’ market presence.
In an interview for the upcoming edition of
PBI, chief executive Renato De Guzman said the bank plans
for growth in its ‘home’ markets of Singapore, Indonesia and
Malaysia, with focus on India and China also.
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AuM at the year-old private bank, formerly ING
Asia Private Banking, stood at SGD39bn ($30bn) to 30 October 2010
and client assets are estimated to grow by 20% next year, said De
Guzman.
Crisis recovery, European expansion
De Guzman confirmed that the bank had
recovered well since the financial crisis, with mutual funds
surpassing the $1bn mark in October 2010, returning to pre-crisis
levels.
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By GlobalDataBoS is looking to capitalise on recent trends
of European assets seeking diversification, particularly in
Singapore, he added.
De Guzman said the bank already has a team
serving European high net worth clients and is looking to hire more
RMs in Europe next year.
The bank currently has about 220 relationship
managers and plans to increase this by 14% in 2011.
