Bank of Singapore

Bank of Singapore is the private banking arm and a wholly owned subsidiary of Oversea-Chinese Banking Corporation (OCBC), Southeast Asia’s second largest bank.

Formerly known as ING Asia Private Bank, it was acquired by OCBC in 2009 from ING Group for US$1.46 billion. After completed the acquisition, OCBC subsequently combined ING Asia Private Bank with its own private banking business (OCBC Private Bank), and renamed as Bank of Singapore in January 2010.

The Bank of Singapore serves high net worth individuals and wealthy families in its key markets of Southeast Asia, Greater China, India Sub-Continent and other international markets.

Headquartered in Singapore, the Bank of Singapore has branches in Hong Kong and Dubai, with a representative office in Makati City, Philippines. In Europe, the bank serves clients through BOS Wealth Management Europe Société Anonyme (S.A.) which is headquartered in Luxembourg and has a London office. In Malaysia, it serves its clients through BOS Wealth Management Malaysia Berhad. Bank of Singapore is rated Aa1 by Moody's.

History
In October 2009, OCBC acquired ING Asia Private Bank 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. After completed the acquisition, Bank of Singapore was launched on 29 January 2010 from the combination of ING Asia Private Bank and OCBC Private Bank. Its current headquarters, the Bank of Singapore Centre at Market Street which is located in the heart of Raffles Place, was officially opened on 22 June 2011.

In April 2016, OCBC announced that Bank of Singapore, its private banking subsidiary, had acquired the wealth and investment management business of Barclays in Singapore and Hong Kong. The transaction was completed in November 2016, with US$13 billion of assets transferred to Bank of Singapore. More than 60 private bankers from Barclays joined Bank of Singapore as a result of the acquisition.

Bank of Singapore partnered the Wealth Management Institute and Nanyang Technological University to launch an Advanced Diploma in Private Banking Programme for its private bankers in May 2016.

In October 2016, Bank of Singapore announced that DZ PRIVATBANK Singapore will refer their clients to the bank as it ceases its operations in Singapore. DZ PRIVATBANK is a subsidiary of the third largest bank in Germany, DZ Bank AG.

In November 2016, Bank of Singapore received regulatory approval to operate a branch in Dubai International Financial Centre (DIFC). The branch was officially opened on 19 February 2017 by the Deputy Ruler of Dubai and President of Dubai International Financial Centre – His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum.

In July 2018, Bank of Singapore was granted an investment company license to operate a wealth management subsidiary in Luxembourg – a first for a Singapore private bank.

BOS Wealth Management Europe S.A. was officially launched on 1 April 2019 in Luxembourg. The official opening for its UK branch in London was held the next day.

Services
The bank provides customised wealth management, investment and lending services, on top of general banking services provided by its parent bank, OCBC Bank. It also offers financial analysis in areas such as international equities and estate planning services.

Breaches of money laundering laws
On 19 October 2022, BOS Wealth Management Europe S.A., the Luxembourg-based European wealth management arm of Bank of Singapore, was fined €210,000 by Luxembourg’s financial regulator Commission de Surveillance du Secteur Financier (CSSF) for non-compliance with laws on the fight against money laundering and combatting the financing of terrorism.

Anti-money laundering (AML) related contraventions fine
On 10 November 2022, the Dubai Financial Services Authority (DFSA) imposed a US$1.12 million fine on the Dubai International Financial Centre (DIFC) branch of Bank of Singapore for a number of contraventions, such as inadequate systems and controls, and shortfalls relating to anti-money laundering. DFSA found deficiencies in the bank's AML business risk assessments; assessment of risks posed by its clients; customer due diligence and enhanced customer due diligence practices; identification of clients' source of wealth and funds; and suspicious activity reporting.