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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 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.
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:
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.
OCBC Bank is the parent company of the Bank of Singapore (their private banking arm).
They are the longest established bank in Singapore.
Yes, Bank of Singapore has an office in Dubai Financial Centre.
Other than their head office in Singapore, they also have offices in:
Bank of Singapore offers clients digital services like:
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.
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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.