Predecessor ING Asia Private Bank Key people Bahren Shaari (CEO) Founded Singapore | Headquarters Singapore Number of employees 1,300 Parent organization OCBC Bank | |
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Industry Private banking and wealth management Products Wealth management, financial analysis, investment AUM USD 61 billion (30 June 2016) CEO Bahren Shaari (1 Feb 2015–) Assets under management 61 billion USD (30 June 2016) | ||
Bank of Singapore (Chinese: 新加坡银行; pinyin: Xīnjiāpō yínháng) is a Singapore-based private banking arm of OCBC Bank. Formerly known as ING Asia Private Bank, it was acquired by OCBC in 2009 from ING Group for US$1.46 billion. As at 30 June 2016, the bank was managing approximately US$61 billion of assets of high-net-worth individuals, mainly in Asia. Bank of Singapore is rated Aa1 by Moody's.
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History
The bank was formed in 2010 by the acquisition of ING Asia Private Bank by OCBC in 2009, as a result of ING's restructuring plan, following a government bailout of ING Group in 2008, due to the financial crisis in the late 2000s. Its current headquarters, the Bank of Singapore Centre at Market Street, was officially opened on June 2011. Since then, the bank has been strengthening its position in the Asia Pacific region.
Services
The bank provides customised wealth management, investment and lending services, on top of general banking services provided by its parent bank, OCBC. It also offers financial analysis in financial areas such as international equities and estate planning services.