Bank of
Singapore

An independent review by our team of experts

Bank of Singapore is the wholly owned private banking arm of OCBC Bank.

Every client gets a private banker that is supported by a team of portfolio managers and trading specialists to help deliver tailored financial solutions for their needs.

Bank of Singapore has a research team that provides insights to guide clients investment strategies.

Additionally, they claim to have the best product selection, including structured products, insurance options and a wide range of funds.

Bank of Singapore's services can be summarised below:

1. Asset creation and preservation:

Bank of Singapore claims to have years of experience in helping entrepreneurial families with their family legacy, trusts and wealth preservation. They allow you to invest directly in a wide range of investment options or by using their discretionary and advisory services. The investment products include: derivatives, equities, structured products, hedge funds, etc.

Their asset preservation services also includes estate planning, financial planning and life insurance.

2. Credit solutions:

Bank of Singapore allows clients to leverage their portfolio to get financing in order to improve their liquidity.

The financing options provided includes: real estate financing, corporate financing, insurance premiums financing, portfolio financing, etc.

This is usually provided by OCBC Bank or other external parties.

3. Wealth planning:

Tailored wealth planning is said to be provided for Bank of Singapore's private clients. These services include: estate planning and legacy options, financial planning, family governance, philanthropic advisory and other trust services to ensure wealth preservation and transfer is carried out smoothly.

4. Sustainable investing:

Bank of Singapore helps private clients identify causes that they would like to align their legacy with, in order to drive change and help them plan and execute sustainable investment strategies and portfolios. They call this the ESG (environmental, social and governance) analysis.

Their website contains a lot of ESG investing insights and information for interested investors (we would recommend reading the expert verdict section of this review first).

5. Financial intermediaries:

Bank of Singapore has global teams that help private clients get the latest solutions. They claim to use this network of intermediaries to provide clients access to comprehensive wealth management products and services, credit solutions, wealth planning, trusts, publications and other services.

6. Digital services:

Bank of Singapore also has a secure online portal that allows investors to check their portfolios, bank statements and other important information at any time and on any device. These digital services allow clients to stay on top of market movements and trade easily.

NOTE:

We would highly recommend reading the 'expert verdict' section of this review to make an informed financial decision.

Additionally, here's a free guide that can help you achieve better results. In this guide, you'll learn:

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Why you should accept the markets for what they are
What can impact behaviour and make people seek instant gratification

The Pros

> Global access

> Part of the second largest bank in Southeast Asia

The Cons

> Expensive

> Not the best way to invest

> Not a top tier private bank

> Highly regulated jurisdiction which could lead to inflexibility

What exactly does Bank of Singapore offer under philanthropic advice?

Bank of Singapore offers philanthropic advice to private clients in order to help them align their wealth to their family goals and values.

They claim to help families identify what causes they would like to support, such as education, healthcare or development and appoint an expert to guide and advice them.

Additionally, they use various programmes, networks and opportunities to connect donors with charities.

What does Bank of Singapore have in connection with OCBC Bank?

OCBC Bank is the parent company of the Bank of Singapore (their private banking arm).

They are the longest established bank in Singapore.

I am based in Dubai, does Bank of Singapore have an office here?

Yes, Bank of Singapore has an office in Dubai Financial Centre.

Other than their head office in Singapore, they also have offices in:

Hong Kong
Philippines
Europe
Malaysia
UK

What do they offer under digital services?

Bank of Singapore offers clients digital services like:

Details of historical transactions
Account balance
Easy access to 13 months of documents
Research material
Notifications for e-statements
Search by holdings
Contract notes

You can learn more about it on Bank of Singapore's website - but we would recommend reading the expert verdict section of this review before you leave.

Expert assessment of Bank of Singapore

The Bank of Singapore operates in a very regulated jurisdiction, so ultimately has to adhere to reasonable standards.

These standards are however not at the same level as the top tier private banks and the bank is only able to offer senior international professionals its own products and services, meaning fees are likely to be higher.

If you are already a private banking client of the Bank of Singapore, we would recommend a no-obligation Second Opinion to ensure you are on track to reach your ideal future.

Additionally, we are happy to review the financial plan that has led to the investment portfolio you currently have.

The information in this material is intended for the recipient’s background information and use only. It is provided in good faith and without any warranty or, representation as to accuracy or completeness. Information and opinions presented in this material have been obtained or derived from sources believed by AES to be reliable and AES has reasonable grounds to believe that all factual information herein is true as at the date of issue. It does not constitute investment advice, recommendation, or an offer of any services or products for sale and is not intended to provide a sufficient basis on which to make an investment decision. It is the responsibility of any persons wishing to make a purchase to inform themselves of and observe all applicable laws and regulations. Unauthorised reproduction or transmitting of this material is strictly prohibited. AES accepts no responsibility for loss arising from the use of the information contained herein.

‘AES’ refers to the AES Group’s separate but affiliated entities generally, rather than to one particular entity. These entities are AES Middle East Insurance Broker LLC registered with the UAE Ministry of Economy, United Arab Emirates, Licence no. 571368, and Commercial Registration no. 75162 and regulated by the UAE Central Bank license no. 189; AES Financial Services Limited, incorporated and registered in England and Wales with company number 06063185, authorised and regulated by the UK Financial Conduct Authority FRN: 464494; AES Financial Services (DIFC) Ltd, registered in the Dubai Financial Centre (DIFC) as a foreign company, license no.2128, and regulated by the Dubai Financial Services Authority (DFSA) Reference No F003476; AES International Limited, a private company incorporated and registered in the British Virgin Islands with company number 1839872; AES International Global Limited, a private company incorporated and registered in the British Virgin Islands with company number 1887885. Please visit our authorisations page for further information on regulation, redress and accessibility.

If you are outside the UK and we advise you or carry out other business, nearly all the rules, regulations and arrangements made under the UK regulatory regime (including the rules made by the FCA and the dispute resolution process provided by the UK Financial Ombudsman Service) will not apply to most aspects of the service you receive, such advice or business being provided from outside the UK. You should therefore clearly understand such rights and protection as are afforded in the jurisdiction where you receive advice. Local law, regulation and redress processes will apply in almost all cases, and will be different from that of the UK.

RISKS

Investments involve risks. The investment return and principal value of an investment may fluctuate so that an investment, when redeemed, may be worth more or less than the capital invested. Past performance is not a guarantee of future results. There is no guarantee strategies will be successful. For further information, please click here.

The Bank of Singapore was formerly known as ING Asia Private Bank.

Headquartered in Singapore, the bank employs more than 1,900 people and has 121 billion USD of assets under management (figure as at 31st December, 2020).

Bank of Singapore is a wholly owned subsidiary of OCBC Bank, the second largest bank in Southeast Asia.

The Bank of Singapore is regulated by the Monetary Authority in Singapore and is not subject to MiFID II (a legislative framework instituted by the European Union).

Bank of
Singapore

An independent review by our team of experts

REVIEW SUMMARY