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February 20, 2012updated 04 Apr 2017 3:43pm

Positive 2011 result for Bank of Singapore

Assets under management (AUM) at Bank of Singapore a subsidiary of OCBC Bank rose by 19% in 2011, ending the year at S$41bn ($32bn) OCBC Groups revenue from various wealth management activities, comprising insurance, private banking, asset management, stockbroking and sales of other wealth management products, was S$1.29bn for 2011 - 2% lower year-on-year due to lower income from insurance

By Thomas McMahon

Assets under management (AUM) at Bank of Singapore – a subsidiary of OCBC Bank – totalled S$41bn ($32bn) as at 31 December 2011, a year-on-year rise of 19%.

OCBC Group’s revenue from various wealth management activities, comprising insurance, private banking, asset management, stockbroking and  sales of other wealth management products, was S$1.29bn for 2011 – 2% lower year-on-year due to lower income from insurance.

As a share of total revenue, OCBC Group said wealth management contributed 23% in 2011 compared to 25% in 2010.

Commenting on the financial institution’s overall results and outlook, OCBC Group CEO David Conner said: “Our results for 2011 underscore the strength of our customer franchise in a challenging operating environment.

“While mindful of the current economic slowdown driven by concerns over sovereign debt in Europe and a sluggish recovery in the US, we will continue to invest in our regional network, and to leverage synergies across the OCBC Group to better serve our customers.”

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