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. The published minimum is over US$5 million in investable assets — the bank's own wording is “Our services are dedicated to clients with over USD 5 million in investable assets” (bankofsingapore.com; the same line appears on its Individuals and Contact us pages), which cements its positioning for high and ultra-high net worth clients. The threshold was raised at some point, but the bank never published the earlier figure: Bloomberg, quoting CEO Bahren Shaari (31 May 2017), reports a rise from US$2 million, while WealthBriefingAsia (22 July 2024) says US$3 million — so no prior figure is asserted here. Singapore-incorporated bank under MAS supervision, Moody's rating Aa1.
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 Singapore Deposit Insurance Corporation (SDIC) protects eligible Singapore-dollar deposits up to S$100,000 in aggregate per depositor per Scheme member. Foreign-currency deposits and investment products are not covered. For a private-banking portfolio, deposit insurance is limited protection; custody arrangements, diversification and investment risk require separate assessment. Source.
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. Global Chief Investment Officer is Jean Chia Source; 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: for that range, the Singapore banks' priority tiers are compared in priority banking in Singapore.
- Capital linked to sanctions-sensitive sectors or without a documented source of wealth.
- 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
| Bank | Strength | Limitation / Weakness |
|---|---|---|
| Bank of Singapore | Pure-play private bank, open architecture, OCBC group brand and balance sheet, Singapore — HK — Dubai — Luxembourg/London network | No retail / corporate level; onshore GIP infrastructure weaker than DBS |
| DBS Private Bank | Region's largest wealth franchise, deep integration with MAS family office incentives via WPFOIS, unified retail + corporate + trustee | More house-view oriented platform; European presence weaker |
| UOB Private Bank | Onshore banking in Malaysia, Indonesia, Thailand, Vietnam; ASEAN focus | Weaker wealth infrastructure and presence outside Southeast Asia |
| UBS / J.P. Morgan | Global reach, balance sheet strength, global capital markets and cross-border expertise | Higher thresholds and compliance friction; less Asian onshore integration and MAS specificity |
Q/A
Access and eligibility
From what threshold does Bank of Singapore make sense?
The published minimum is over US$5 million in investable assets (bankofsingapore.com). The bank has never disclosed the earlier threshold, so the US$3 million sometimes quoted in reviews is unconfirmed. Formally this opens access, but the economic rationale for DPM mandates, alternatives, and family office advisory typically emerges closer to US$10 million.
Does the bank accept Russian clients?
Bank of Singapore publishes no rule on applicants by country of residence; its public pages set only the US$5 million threshold, and the outcome is decided by its compliance review. UBO with EU / UK / UAE / SG / HK residency is considered individually with clean Source of Wealth, operational flows outside Russia and Belarus, and transparent ownership chain.
Model and positioning
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.
Booking and protection
Where can the account be booked — 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 protects eligible Singapore-dollar deposits up to S$100,000 in aggregate per depositor per Scheme member. Foreign-currency deposits and investment products are excluded. This does not insure a private-banking investment portfolio against market losses. Source.