Bank of Singapore Eyes Top Five Spot in Asian Private Banking

Bank of Singapore plans to increase investment in hiring and technology to break into Asia's top five private banks within five years, with assets under management reaching over $145 billion as of the third quarter. CEO Jason Moo outlined strategies amid rising wealth in the Asia-Pacific region.

The Bank of Singapore is ramping up its hiring and technological investments with a clear objective: to secure a spot among Asia's top five private banks within the next five years. This ambition comes as the bank reported a nearly 20% increase in assets under management, reaching over $145 billion by the third quarter.

The surge aligns with growing wealth in the Asia-Pacific region, which saw a 4.8% rise in high-net-worth individual wealth in 2024, second only to North America. As the private banking arm of Oversea-Chinese Banking Corp, Bank of Singapore aims to leverage this regional affluence and expand its footprint, as outlined by CEO Jason Moo.

To support its goals, the bank plans aggressive hiring of relationship managers, developing bespoke products for ultra-wealthy clients, and incorporating advanced asset allocation technology. Expansion efforts prioritize key markets like Hong Kong and Dubai, with plans to enhance an integrated onshore-offshore network, pending rising client demand.

(With inputs from agencies.)