Published by Hubbis – 1st November 2016
Bank of Singapore has been selected by DZ PRIVATBANK Singapore to sign a referral agreement that gives the latter’s clients the option to move their assets to the Singapore-based private bank.
This comes due to the impending closure of DZ PRIVATBANK Singapore.
There is no financial exchange between the two banks.
“To enter into such an agreement, where a competitor bank refers its clients to another when it exits the region, is by and large a rare practice,” said Bahren Shaari, Bank of Singapore’s chief executive officer.
DZ PRIVATBANK Singapore said it made the choice of Bank of Singapore based on its strong financial rating and its ability to provide a wide range of innovative product and investment solutions through its open-architecture product platform.
Selected DZ PRIVATBANK Singapore relationship managers have been offered the option of working in Bank of Singapore to continue to serve the clients of the cooperative financial network.
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