Private Banks

Bank of Singapore

An independent review of Bank of Singapore by our team of experts

Summary

Bank of Singapore, formerly ING Asia Private Bank, is the wholly owned private banking arm of OCBC Bank, one of the largest banking groups in Southeast Asia.

Headquartered in Singapore, it employs more than 1,900 people and reported assets under management of around USD 120 billion.

Bank of Singapore is regulated by the Monetary Authority of Singapore (MAS) and is not subject to the EU's MiFID II framework.

Pros

Backed by OCBC Bank
Global access

Cons

Expensive
Not the best way to invest
Not a top-tier private bank
Single-jurisdiction focus can mean less flexibility

Our verdict

Bank of Singapore is the private banking arm of OCBC, one of Southeast Asia's largest banks, and it carries the stability that backing implies. It is not, however, a top-tier global private bank, and for a senior international client that distinction matters.

As a regional private bank, its bench and product range are narrower than the global names, and being anchored in a single, tightly regulated jurisdiction can make it less flexible for clients whose lives and assets span several. Like any bank, it also earns from the products it places, which is not the same as advising on what is genuinely best for you.

The underlying point is structural. A bank sells what a bank holds. Serious wealth work begins one level up, with the whole picture coordinated across your investments, structures, pensions, protection and succession, and with advice that answers to you rather than to a product shelf.

If you are already a private banking client of Bank of Singapore, a no-obligation Second Opinion will show whether your portfolio still serves your plan, or whether the plan was ever the starting point. AES will also review the thinking that led to the investments you currently hold.

FAQs

What is Bank of Singapore’s connection with OCBC Bank?
- OCBC Bank is the parent company of Bank of Singapore, its private banking arm. OCBC is the longest-established bank in Singapore.
Does Bank of Singapore have an office in Dubai?
- Yes. Bank of Singapore has an office in the Dubai International Financial Centre. Alongside its Singapore head office, it also has offices in Hong Kong, the Philippines, Malaysia, the UK and Europe.