Japanese bank SMBC Trust Bank has signed a memorandum of understanding (MoU) with Bank of Singapore to provide it clients with a variety of global investment opportunities to diversify their portfolios.

Under the agreement, Bank of Singapore will offer clients of SMBC Trust Bank with a wide range of global investment opportunities to diversify their portfolios.

Bank of Singapore CEO Bahren Shaari said: “We are pleased that SMBC Trust Bank has selected Bank of Singapore to help their clients grow their wealth outside of Japan.

“This is a testament to the strong brand that Bank of Singapore has built as Asia’s global private bank in the last eight years.

“SMBC Trust Bank wanted a private bank with Asian roots whom they can trust to serve in the best interests of their clients.

“At Bank of Singapore, we manage money as if it were our own, investing in a good mix of products for good returns over the long-term and protect it for generations to come.”

SMBC Trust Bank is said to have selected Bank of Singapore due to its strong financial ratings, research and advisory capabilities as well as it can offer variety of investment solutions through its open architecture product platform.

The MoU is expected to increase Bank of Singapore’s profile among ultra-high and high net worth individuals in Japan.

A fully-owned subsidiary of Sumitomo Mitsui Banking, SMBC Trust Bank offers various services and primarily focuses on providing private banking services.

A study by Boston Consulting Group found that private wealth in Japan is expected to soar from $14.9tn in 2016 to $16.2tn in 2021.

Jones Lang LaSalle stated in a March 2018 report that investors in Japan are planning to invest outside the country in a bid to expand their portfolios.