🇸🇬Bank of Singapore

Concept

Bank of Singapore is a pure-play private bank and 100% subsidiary of the OCBC group, Singapore's second-largest bank by assets. Unlike DBS or OCBC itself, the bank does not conduct retail or corporate banking: it is a dedicated private-banking vertical serving exclusively HNW and UHNW clients. Established on January 29, 2010, following OCBC's acquisition of ING Asia Private Bank from ING Group for US$1.46 billion and its merger with OCBC's own private banking arm.

As of Q3 2025, the bank manages approximately US$145 billion in AUM with around 500 private bankers, according to OCBC financial reports and industry publications. Since CEO Jason Moo joined in early 2023, AUM has grown from approximately US$120 billion, and the bank has publicly stated its goal to enter the top 5 Asian private banks. Minimum account size is US$5 million; the threshold was raised from US$3 million, cementing its positioning for high and ultra-high net worth clients. Singapore-incorporated bank under MAS supervision, Moody's rating Aa1.

🍓 Bank of Singapore is OCBC's private-banking arm, not a universal bank. The model's strength lies in open architecture: portfolios are assembled from external managers and funds, not just group products. Add to this the Asian MAS jurisdiction and a network of booking centers spanning Singapore — Hong Kong — Dubai (DIFC) — Luxembourg/London. Minimum threshold: US$5 million. Russian Federation / Belarus residents and sanctions-sensitive UBO connections: declined.

Regulation and Client Protection

Bank of Singapore is a Singapore-incorporated bank under the supervision of the Monetary Authority of Singapore and part of the OCBC group, classified as a systemically important financial institution. The full suite of Singapore banking regulations applies: AML and Customer Due Diligence under MAS Notice 626, Basel III prudential requirements at group level, banker qualification through CMFAS and the Institute of Banking and Finance.

Outside Singapore, the group operates through local licenses: HKMA — Hong Kong; DFSA — Dubai International Financial Centre; CSSF — Luxembourg through BOS Wealth Management Europe S.A.; FCA — London branch of BOS WME; BSP — representative office in Manila. This stack is important for cross-border family offices: Asian, European, and MENA structure elements are serviced within a single group.

The group's retail deposits are covered by the Singapore Deposit Insurance Corporation up to S$100,000 per depositor. At the US$5M level, this is a technical figure: real capital protection is built through OCBC's Aa1 rating, custody structure, and asset diversification.

Management and Investment Division

CEO since early 2023 is Jason Moo (formerly CEO of Goldman Sachs Singapore and regional head of Private Wealth Management for Southeast Asia and Australia, previously Head of Private Banking SEA at Julius Baer). Since his arrival, the team has grown from approximately 400 to 500 private bankers, with hiring set to accelerate in 2026. Group Chief Investment Officer is JP Ong; former Bank of Singapore CIO Hou Wey Fook later moved to DBS.

Bank of Singapore conducts wealth management using an open architecture approach — the bank is not obliged to sell only group products; portfolios are assembled from external managers, funds, and mandates. This is a key differentiator from closed house-view banks and one reason why families with EU / MENA connections choose it.

Open architecture

External managers, funds, and mandates instead of a closed product shelf. Strong emerging-market research team — fixed income, equities, money market.

Mandates

Discretionary Portfolio Management, advisory, and self-directed brokerage. DPM assets have grown significantly amid demand for Singapore equity strategies.

Alternatives and ESG

Hedge funds, private equity, private credit, real estate through external managers with tickets of US$250K–1M. Bank of Singapore was among the first to adopt TNFD at portfolio level.

What Bank of Singapore Covers for Funds and Family Offices

Family office

• Structuring, governance, succession planning.
• Coordination with MAS on Section 13O / 13U.
• Personal and operational SFO accounts, including under GIP Option C.

Trust and custody

• Trust through OCBC Trustee under MAS Trust Companies Act 2005; see Trust in Singapore.
• Asset custody with segregation.
• Access to OCBC's universal vertical without re-onboarding.

Lombard and premium financing

• Loans in 10+ currencies against marketable securities.
• LTV: up to 70% on equity, up to 80% on mutual funds, up to 95% on cash and AAA-bonds.
• Premium financing for Universal Life — see Premium Financing.

When Bank of Singapore Is Appropriate

Suitable

• UHNW from US$5M, more practical from US$10M, with need for open architecture.
• Family with EU / UK or MENA residency using Luxembourg, London, and DIFC.
• Client who values an independent product shelf rather than a bank's house view.
• Singapore family office under 13O / 13U with trust through OCBC Trustee.
• Post-Credit Suisse / UBS case — Asian MAS alternative to Swiss concentration.

Not suitable

• Capital below US$5M.
• Russian Federation / Belarus residents and sanctions-sensitive UBO connections.
• Client needs a single bank with retail and corporate verticals — that's the DBS profile, not a pure-play private bank.
• Family office where the main driver is EDB / GIP Option C onshore: DBS Private Bank is often stronger there.

Comparison with Other Singapore Banks

Q/A

From what threshold does Bank of Singapore make sense

Minimum account is US$5 million (raised from US$3 million). Formally this opens access, but the economic rationale for DPM mandates, alternatives, and family office advisory typically emerges closer to US$10 million.

How does Bank of Singapore differ from DBS

Bank of Singapore is a pure-play private bank without retail and corporate banking, with open architecture and European presence through Luxembourg and London. DBS is a universal group and the region's largest wealth franchise, more deeply integrated with MAS family office incentives. For onshore GIP and Singapore family offices, DBS often wins; for clients with EU / MENA connections and an independent product shelf — Bank of Singapore.

What is open architecture and why does it matter

The bank is not obliged to sell only group products: portfolios are assembled from external managers, funds, and mandates. This distinguishes Bank of Singapore from closed house-view banks and gives clients a broader and more independent choice of instruments — fixed income, equities, alternatives.

Where can booking be — Singapore, Hong Kong, or Dubai

Singapore remains the primary booking center. Hong Kong covers Greater China; Dubai (DIFC) handles business west of the Malacca Strait, including GCC. Through BOS WME, Luxembourg booking is available for EU clients and London through the FCA office. Manila is a representative node.

Is there deposit insurance

SDIC covers up to S$100,000 per depositor. At the US$5M level, this is not the key protection. The main logic is OCBC's Aa1 rating, diversification, and custody segregation of assets.

Does the bank accept Russian clients

Russian Federation and Belarus residents: declined. UBO with EU / UK / UAE / SG / HK residency is considered individually with clean Source of Wealth, operational flows outside sanctions-sensitive jurisdictions, and transparent ownership chain. In practice, Bank of Singapore is stricter than DBS Private Bank and close to HSBC Private Singapore.

Related Topics

• OCBC — parent group
• DBS Bank and DBS Private Bank — main Singapore competitor
• UOB Private — ASEAN-oriented competitor
• Private Banking — segment overview
• Section 13O / 13U
• Trust in Singapore
• Premium Financing Singapore
• GIP and Permanent Residency through Investment

FAQ

What is open architecture and why does it matter

The bank is not obliged to sell only group products: portfolios are assembled from external managers, funds, and mandates. This distinguishes Bank of Singapore from closed house-view banks and gives clients a broader and more independent choice of instruments — fixed income, equities, alternatives.

Key factual claims

• Bank of Singapore is a pure-play private bank and 100% subsidiary of the OCBC group, Singapore's second-largest bank by assets.
• As of Q3 2025, approximately US$145 billion in AUM and around 500 private bankers according to OCBC financial reports and industry publications.
• The group's retail deposits are covered by the Singapore Deposit Insurance Corporation up to S$100,000.
• CEO since early 2023 is Jason Moo (formerly CEO of Goldman Sachs Singapore and regional head of Private Wealth Management for Southeast Asia and Australia, previously Head of Private Banking SEA at Julius Baer).