Bank of S'pore on expansion path

PHOTO: Bank of S'pore on expansion path

Bank of Singapore is expanding its staff strength even as it continues to attract new funds.

The private banking unit of OCBC has grown its total staff strength by 40 per cent from some 700 members at the end of 2010 to more than 1,000 at the end of this June.

Of that figure, it has increased its number of relationship managers by more than 50 per cent to around 290 managers of various nationalities since it started operations.

In 2010, OCBC acquired ING Asia Private Bank and combined it with its own private banking business to set up Bank of Singapore.

The chief executive officer of Bank of Singapore, Mr Renato de Guzman, told The Straits Times that the unit is growing its talent pool in a sustainable manner.

"With the increasing compliance and regulatory requirements of the private banking business, we are in fact investing more in support functions," he added.

Its assets under management have also been growing steadily over the years.

By the end of this June, assets under management came to US$45 billion (S$56 billion), a rise of 26 per cent compared to the same period a year ago.

In the first half of this year alone, the bank attracted net inflow of fresh funds of close to US$3 billion.

The bank said its growth was broad-based across its key markets in Asia and the Indian subcontinent.

That helped it to pick up the "Outstanding Private Bank Asia Pacific 2013 award" at the recent 23rd Private Banker International Global Wealth Summit & Awards event.

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