OCBC Bank has soft-launched its UK private
banking business under its trade name Bank of Singapore.
Speaking at the launch event in London to more
than 300 guests, Bank of Singapore CEO Renato de Guzman said the
launch of the new trading name demonstrated the bank’s commitment
to grow its private banking services beyond Asia.
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Bank of Singapore’s UK private banking
operations are headed up by Vijay Acharya.
AuM up 19% in 2011
Assets under management (AUM) at Bank of
Singapore rose by 19% in 2011, ending the year at S$41bn
($32bn).
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By GlobalDataBank of Singapore, which was named Outstanding
Private Bank – Asia Pacific 2011 by Private Banker
International, is understood to have a strong Non-Resident
Indian client base in the UK.
Continued investment in
2012
De Guzman said in 2012 the bank would invest
more on process improvement, better product delivery and advanced
research and investment capabilities.
Speaking at the launch event, David Conner,
group CEO of OCBC Bank, said Bank of Singapore’s business was
healthy because its strong product platform was built on an open
architecture concept meaning that Bank of Singapore would never
have a trading position against its customers.
Known as ING Asia Private Bank until its
acquisition by OCBC Bank, Bank of Singapore was launched on 29
January 2010 as a Singapore-headquartered private bank.
