{"id":1432,"date":"2019-03-15T04:09:27","date_gmt":"2019-03-15T04:09:27","guid":{"rendered":"https:\/\/acrabiz.com\/offshore\/?p=1432"},"modified":"2020-07-21T04:12:46","modified_gmt":"2020-07-21T04:12:46","slug":"private-banking-in-singapore","status":"publish","type":"post","link":"https:\/\/acrabiz.com\/offshore\/private-banking-in-singapore\/","title":{"rendered":"Private banking in Singapore"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">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.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Benefits of private banking:<\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li3\"><span class=\"s3\">One-stop financial services<\/span><\/li>\n<li class=\"li3\"><span class=\"s3\">Concierge services<\/span><\/li>\n<li class=\"li3\"><span class=\"s3\">Favourable rates and discounted charges<\/span><\/li>\n<li class=\"li3\"><span class=\"s3\">Privileges from the banks<\/span><\/li>\n<\/ul>\n<p class=\"p5\"><span class=\"s1\">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&#8217;s go through some of the strengths.<\/span><\/p>\n<p class=\"p1\"><a href=\"https:\/\/www.bankofsingapore.com\" target=\"_blank\" rel=\"noopener noreferrer\"><span class=\"s1\"><b>Bank of Singapore\u00a0<\/b><\/span><\/a><\/p>\n<p class=\"p1\"><span class=\"s1\">Bank of Singapore is a wholly-owned subsidiary of OCBC aimed at private banking needs exclusively. As of 31 March 2020, Bank of Singapore&#8217;s assets under management was US$104 billion. It is the only Asian private bank awarded AA1 rating by Moody&#8217;s, which stands for &#8220;very low credit risk&#8221;.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">To qualify for Bank of Singapore private banking programme, you need to hold the minimum assets of S$5 million.\u00a0<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Perks provided to clients of Bank of Singapore:<\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li3\"><span class=\"s3\">Access to investment products (cash and money markets, investment-grade bonds, high yield bonds, equities, foreign exchange, hedge funds, etc.)<\/span><\/li>\n<li class=\"li3\"><span class=\"s3\">Portfolio management and advisory services\u00a0<\/span><\/li>\n<li class=\"li3\"><span class=\"s3\">Wealth management<\/span><\/li>\n<li class=\"li3\"><span class=\"s3\">Trust services<\/span><\/li>\n<li class=\"li3\"><span class=\"s3\">Access to exclusive events to learn and network<\/span><\/li>\n<\/ul>\n<p class=\"p6\"><span class=\"s1\">Bank of Singapore customers also gain full access to OCBC banking solutions.<br \/>\n<\/span><\/p>\n<p class=\"p1\"><a href=\"https:\/\/www.dbs.com.sg\/private-banking\/default.page\" target=\"_blank\" rel=\"noopener noreferrer\"><span class=\"s1\"><b>DBS<\/b><\/span><\/a><\/p>\n<p class=\"p1\"><span class=\"s1\">DBS is the largest bank in Southeast Asia with total assets of S$579 billion as of 2019.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">To be able to join the bank&#8217;s private banking programme, you need to hold <\/span><span class=\"s5\">investable assets of at least S$5 million.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Services provided to DBS private banking clients:<\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li3\"><span class=\"s3\">Investment services and advisory<\/span><\/li>\n<li class=\"li3\"><span class=\"s3\">Wealth management (liquidity planning, family office, tax planning, etc.)<\/span><\/li>\n<li class=\"li3\"><span class=\"s3\">Trust services<\/span><\/li>\n<li class=\"li3\"><span class=\"s3\">Life insurance and retirement plan<\/span><\/li>\n<\/ul>\n<p class=\"p1\"><a href=\"https:\/\/www.uob.com.sg\/private\/index.page\" target=\"_blank\" rel=\"noopener noreferrer\"><span class=\"s1\"><b>UOB\u00a0<\/b><\/span><\/a><\/p>\n<p class=\"p1\"><span class=\"s1\">UOB (United Overseas Bank) started operating in 1935. Today it has total assets of S$404 billion as of 2019.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">To become a UOB private banking client, you should have a minimum\u00a0of <b>S$3 million assets<\/b>.\u00a0<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The perks provided to private banking clients by UOB:<\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li3\"><span class=\"s3\">Personalized wealth and succession management<\/span><\/li>\n<li class=\"li3\"><span class=\"s3\">Customized investment opportunities and portfolio management<\/span><\/li>\n<li class=\"li3\"><span class=\"s3\">Credit solutions including margin trading facilities, bespoke credit facilities and aircraft financing<\/span><\/li>\n<\/ul>\n<p class=\"p1\"><a href=\"https:\/\/www.hsbcprivatebank.com\/en?cid=HBSG:EB:NA:P1:PB:L15:GO:XTR:14:IV:29:0619:001:BrandL2019\" target=\"_blank\" rel=\"noopener noreferrer\"><span class=\"s1\"><b>HSBC\u00a0<\/b><\/span><\/a><\/p>\n<p class=\"p1\"><span class=\"s1\">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.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The HSBC private banking programme requires you to hold the minimum assets of US$5 million.\u00a0<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Services available for private banking clients:<\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li3\"><span class=\"s3\">Investment and wealth management<\/span><\/li>\n<li class=\"li3\"><span class=\"s3\">Advisory services<\/span><\/li>\n<li class=\"li3\"><span class=\"s3\">Life insurance<\/span><\/li>\n<li class=\"li3\"><span class=\"s3\">Family governance<\/span><\/li>\n<\/ul>\n<p class=\"p7\"><a href=\"https:\/\/www.citibank.com.sg\/cpc\/index.htm?lid=SGENCBGCPCHETLCitigoldPrivateClient\" target=\"_blank\" rel=\"noopener noreferrer\"><span class=\"s6\"><b>CitiBank<\/b>\u00a0<\/span><\/a><\/p>\n<p class=\"p1\"><span class=\"s1\">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.\u00a0<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">To become a Citigold Private banking customer, you need to hold the minimum of S$1.5 million investable assets.\u00a0<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">You would get:<\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li3\"><span class=\"s3\">Wealth management and advisory\u00a0<\/span><\/li>\n<li class=\"li3\"><span class=\"s3\">Investment solutions (market-linked account, unit trusts, hedge funds, etc.)<\/span><\/li>\n<li class=\"li3\"><span class=\"s3\">Insurance <\/span><\/li>\n<li class=\"li8\"><span class=\"s3\">Property insights<\/span><span class=\"s8\"><br \/>\n<\/span><\/li>\n<\/ul>\n<p class=\"p1\"><a href=\"https:\/\/www.sc.com\/en\/banking\/banking-for-individuals\/private-banking\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span class=\"s1\"><b>Standard Chartered\u00a0<\/b><\/span><\/a><\/p>\n<p class=\"p1\"><span class=\"s1\">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.\u00a0<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">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.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Standard Chartered provides its private clients with the following services:<\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li3\"><span class=\"s3\">Wealth management<\/span><\/li>\n<li class=\"li3\"><span class=\"s3\">Sustainable investment strategies<\/span><\/li>\n<li class=\"li3\"><span class=\"s3\">Legacy planning<\/span><\/li>\n<\/ul>\n<p class=\"p9\"><span class=\"s1\">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.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":420,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[6],"_links":{"self":[{"href":"https:\/\/acrabiz.com\/offshore\/wp-json\/wp\/v2\/posts\/1432"}],"collection":[{"href":"https:\/\/acrabiz.com\/offshore\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/acrabiz.com\/offshore\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/acrabiz.com\/offshore\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/acrabiz.com\/offshore\/wp-json\/wp\/v2\/comments?post=1432"}],"version-history":[{"count":2,"href":"https:\/\/acrabiz.com\/offshore\/wp-json\/wp\/v2\/posts\/1432\/revisions"}],"predecessor-version":[{"id":1434,"href":"https:\/\/acrabiz.com\/offshore\/wp-json\/wp\/v2\/posts\/1432\/revisions\/1434"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/acrabiz.com\/offshore\/wp-json\/wp\/v2\/media\/420"}],"wp:attachment":[{"href":"https:\/\/acrabiz.com\/offshore\/wp-json\/wp\/v2\/media?parent=1432"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/acrabiz.com\/offshore\/wp-json\/wp\/v2\/categories?post=1432"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/acrabiz.com\/offshore\/wp-json\/wp\/v2\/tags?post=1432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}