Bank Of Singapore Looks To Expand Family Business Offices
Bank of Singapore, the private bank of Oversea-Chinese Banking Corp., is set to expand its family office business.
With Singapore having one of the highest global rates of millionaires and billionaires, it makes sense for savvy banks to capitalise on this ever-increasing wealth. Singapore in fact has over $857 million worth of family office asset in 2017, as compared to $445 million for the rest of Asia Pacific.
Well, one way the Bank of Singapore is capitalising on this is by looking at family wealth and helping investors make the most of their capital in the wisest possible way.
“We are seeing increasing demand for families moving into the next generation to set a proper structure in place to manage family wealth,” Chief Executive Officer Bahren Shaaristated. “Singapore is promoting that, to let families use it as a base to manage their investment activities globally.”
This new move into family wealth will surely heighten the competition with large European companies including UBS Group AG and Credit Suisse Group AG who have long been the leaders in this space.
Spearheading this new expansion will be Woon Shui Lee who currently works at the Bank of Singapore under the wealth planning and trust solutions, with new bankers being hired as the expansion continues. Details about the new move are being kept under wraps, but it looks likely that the business will focus mainly on wealthy families from China, the Middle East and Europe who are seeking investments in South East Asia, with Singapore being a glistening proposition thanks to the tax exemptions for family offices offered by the government.
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