Published by Business Times – 20th Mar 2018
Bank of Singapore, the private bank of OCBC Bank, is looking to expand its family office business as the city-state rolls out the red carpet for wealthy investors.
“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 Shaari said in an interview on Thursday. “Singapore is promoting that, to let families use it as a base to manage their investment activities globally.”
Bank of Singapore’s expansion will heighten competition with European firms like UBS Group and Credit Suisse Group, who’ve long dominated this space.
