Private banking consists of personalized financial services and products offered to high-net-worth individuals with high levels of income. It includes a wide range of wealth management services, such as portfolio management, tax services, insurance, trust and estate planning.
Benefits of private banking:
- One-stop financial services
- Concierge services
- Favourable rates and discounted charges
- Privileges from the banks
Being one of the wealthiest and most expensive cities in the world, Singapore is home to an estimated 44 billionaires. The Lion City offers a developed private banking services network. Let’s go through some of the strengths.
Bank of Singapore is a wholly-owned subsidiary of OCBC aimed at private banking needs exclusively. As of 31 March 2020, Bank of Singapore’s assets under management was US$104 billion. It is the only Asian private bank awarded AA1 rating by Moody’s, which stands for “very low credit risk”.
To qualify for Bank of Singapore private banking programme, you need to hold the minimum assets of S$5 million.
Perks provided to clients of Bank of Singapore:
- Access to investment products (cash and money markets, investment-grade bonds, high yield bonds, equities, foreign exchange, hedge funds, etc.)
- Portfolio management and advisory services
- Wealth management
- Trust services
- Access to exclusive events to learn and network
Bank of Singapore customers also gain full access to OCBC banking solutions.
DBS is the largest bank in Southeast Asia with total assets of S$579 billion as of 2019.
To be able to join the bank’s private banking programme, you need to hold investable assets of at least S$5 million.
Services provided to DBS private banking clients:
- Investment services and advisory
- Wealth management (liquidity planning, family office, tax planning, etc.)
- Trust services
- Life insurance and retirement plan
UOB (United Overseas Bank) started operating in 1935. Today it has total assets of S$404 billion as of 2019.
To become a UOB private banking client, you should have a minimum of S$3 million assets.
The perks provided to private banking clients by UOB:
- Personalized wealth and succession management
- Customized investment opportunities and portfolio management
- Credit solutions including margin trading facilities, bespoke credit facilities and aircraft financing
HSBC is a British multinational bank. It is the 7th largest bank in the world and the largest in Europe with total assets of US$2.558 trillion as of 2018.
The HSBC private banking programme requires you to hold the minimum assets of US$5 million.
Services available for private banking clients:
- Investment and wealth management
- Advisory services
- Life insurance
- Family governance
Citibank was founded in New York City in 1812. It has over 2500 branches in 19 countries and holds the total assets of US$1.917 trillion as of 2018. It opened a subsidiary in Singapore in 2004.
To become a Citigold Private banking customer, you need to hold the minimum of S$1.5 million investable assets.
You would get:
- Wealth management and advisory
- Investment solutions (market-linked account, unit trusts, hedge funds, etc.)
- Property insights
Standard Chartered is a British banking company represented in over 70 countries. It started operating in Singapore in 1859. As of 2019, it holds US$720 billion in total assets.
To be a private client, you need to top up and maintain your account balances with the bank to at least S$1.5 million.
Standard Chartered provides its private clients with the following services:
- Wealth management
- Sustainable investment strategies
- Legacy planning
Therefore, the private banking services provided by different banks in Singapore are quite similar to one another. The only things defining your choice is your assets, needs and banking preferences.