Bank of Singapore
{{Short description|Singaporean private bank}}
{{About|a Singapore-based private bank|a list of banks in Singapore|List of banks in Singapore}}
{{Infobox company
| name = Bank of Singapore
| logo = Bank of Singapore Logo.svg
| type = Subsidiary
| traded_as =
| predecessor = ING Asia Private Bank
| successor =
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| defunct =
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| industry = Private banking and wealth management
| products = Wealth planning, asset preservation, alternative investment
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| owner =
| num_employees = More than 2,300
| parent = OCBC Group
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| foundation = {{start date and age|df=y|2010|01|29}}{{cite web |title=OCBC Bank launches a dedicated private bank, Bank of Singapore, formerly known as ING Asia Private Bank |url=http://www.ocbc.com/assets/pdf/Media/2010/jan/20100129_New_IAPB.pdf |website=OCBC Bank |access-date=25 September 2019 |archive-url=https://web.archive.org/web/20150402003158/http://www.ocbc.com/assets/pdf/Media/2010/jan/20100129_New_IAPB.pdf |archive-date=2 April 2015 |date=29 January 2010}}
| location_city =
| location_country = Singapore
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| homepage = {{URL|www.bankofsingapore.com}}
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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.{{Cite web |title=OCBC scores with acquisition of ING Asia assets|url=https://www.globalcapital.com/asia/article/28mvck5oe5n9lb7bi7ncw/emerging-markets/ocbc-scores-with-acquisition-of-ing-asia-assets |date=15 October 2009 |access-date=30 November 2009 |publisher=GlobalCapital}} 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.{{Cite web |title=OCBC Bank Acquires ING Asia Private Bank|url=https://www.privatebankerinternational.com/news/ocbc_bank_acquires_ing_asia_private_bank_100129/ |date=29 January 2010|access-date=15 August 2010 |publisher=Private Banker International}}{{Cite web|url=https://www.ocbc.com/group/who-we-are/group-business-private-banking.html |title=OCBC - Who we are - Group Business - Private Banking|website=www.ocbc.com|access-date=21 July 2023}}
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,{{cite web |author= |date=15 October 2009 |title=OCBC buying ING Asia private bank |url=http://uk.reuters.com/article/uk-ocbc-ing-idUKTRE59E14320091015 |url-status=dead |archive-url=https://web.archive.org/web/20160419182730/http://uk.reuters.com/article/uk-ocbc-ing-idUKTRE59E14320091015 |archive-date=19 April 2016 |work=Reuters UK}} 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.{{Cite news|url=https://www.wealthbriefingasia.com/article.php?id=27899|title=OCBC Launches Private Bank|date=2010-01-29|work=WealthBriefingAsia|access-date=2010-04-30}} 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.{{Cite web|title=Bank of Singapore Centre at Market Street, Raffles Place officially opens|url=https://www.bankofsingapore.com/media-releases/2011/bank-of-singapore-centre-at-market-street-raffles-place-officially-opens-22-june-2011.html|website=Bank of Singapore|date=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.{{Cite news|url=http://www.channelnewsasia.com/news/business/ocbc-acquires-barclays/2672776.html|title=OCBC acquires Barclays’ wealth business in Asia for S$430m|work=Channel NewsAsia|access-date=2017-04-03|language=en}} The transaction was completed in November 2016, with US$13 billion of assets transferred to Bank of Singapore.{{Cite news|url=https://www.bloomberg.com/news/articles/2016-11-27/barclays-asia-wealth-units-fetch-227-5-million-in-sale-to-ocbc|title=Barclays Wealth Units Priced Below Estimate in Sale to OCBC|date=2016-11-27|work=Bloomberg.com|access-date=2017-04-03}} More than 60 private bankers from Barclays joined Bank of Singapore as a result of the acquisition.{{Cite news|url=http://www.businesstimes.com.sg/banking-finance/bank-of-singapore-completes-acquisition-of-barclays-wealth-business-at-a-lower-price|title=Bank of Singapore completes acquisition of Barclays' wealth business at a lower price|last=Meixian|first=Lee|work=The Business Times|access-date=2017-04-03|language=en}}
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.{{Cite news|url=http://www.finews.asia/finance/22364-bank-of-singapore-nanyang-technoligical-university-wealth-management-institute-bahren-shaari|title=Back to School at Bank of Singapore|work=finews.asia|access-date=2017-04-03|language=en-gb}}
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.{{Cite news|url=https://www.reuters.com/article/ocbc-wealth-idUSL4N1CY2ST|title=Germany's DZ Bank to refer clients to OCBC's unit as it exits Singapore|date=2016-10-28|work=Reuters|access-date=2017-04-03}} 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).{{Cite news|url=http://www.businesstimes.com.sg/banking-finance/bank-of-singapore-gets-licence-to-operate-branch-in-dubai-intl-financial-centre|title=Bank of Singapore gets licence to operate branch in Dubai Int'l Financial Centre|last=Tan|first=Angela|work=The Business Times|access-date=2017-04-03|language=en}} 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.{{Cite news|url=http://www.khaleejtimes.com/buzzon/jobs/banking-financial-services/bank-of-singapore-to-serve-gcc-from-difc-hub|title=Bank of Singapore to serve GCC from DIFC hub|work=Khaleej Times|accessdate=19 February 2017}}
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.{{Cite news|url=https://www.businesstimes.com.sg/companies-markets/ocbcs-bank-of-singapore-gets-regulatory-nod-to-launch-luxembourg-unit|title=OCBC's Bank of Singapore gets regulatory nod to launch Luxembourg unit|last=Mui|first=Rachel|work=The Business Times|access-date=2018-09-27|language=en}}
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.{{cite web |title=Bank of Singapore Launches Europe Wealth Management Unit |url=https://www.businesstimes.com.sg/companies-markets/bank-of-singapore-launches-europe-wealth-management-unit |website=The Business Times |access-date=3 April 2019}}
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.
Controversies
=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.{{Cite web |title=Luxembourg CSSF Fines BOS Wealth Management Europe S.A. €210,000 for AML Breaches|url=https://www.moneylaundering.com/wp-content/uploads/2022/11/Luxembourg.Enforcement.BOSWealthManagement.113022.pdf |access-date=30 November 2022 |publisher=ACAMS moneylaundering.com}}{{Cite web |title=CSSF slaps money laundering fine on Bank of Singapore arm |url=https://www.luxtimes.lu/businessandfinance/cssf-slaps-money-laundering-fine-on-bank-of-singapore-arm/1342493.html#Echobox=1669892745 |access-date=1 December 2022 |publisher=Luxembourg Times}}
References
{{Portal|Banks}}
{{Reflist}}
{{Banking in Singapore}}
{{Authority control}}
Category:Singaporean companies established in 2010