IAPB will now be a wholly-owned private banking subsidiary of OCBC Bank and re-named as Bank of Singapore. The new bank will be led by Renato de Guzman, the CEO of the former IAPB. The private banking businesses of IAPB and OCBC Bank will be combined and be operated as Bank of Singapore.
David Conner, CEO of OCBC Bank, said: OCBC private bank customers will benefit from IAPBs fully open architecture product platform and proprietary research, while IAPB customers will benefit from the access to OCBCs extensive branch network and products and services that were previously not available to them, such as property financing, brokerage services, insurance, retail and SME banking products and services.
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Renato de Guzman, CEO of Bank of Singapore, said: I am confident that Bank of Singapore will continue to grow and capture greater market share in existing and new markets. We will continue to focus on attracting some of the best talents in key markets and on talent development for long term growth and professional development as part of the OCBC Group.
I warmly welcome OCBC Private Bank clients to experience the enhanced products and services that Bank of Singapore can offer and we also thank our IAPB clients for their continuing support. Over the next few months, as we align our services, our focus will be on ensuring continuity and minimal disruption to our service levels.
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