Winners rationale

Bank of Singapore solidified its status as the go-to private bank for the Middle East and North Africa in 2018, despite only having set up its regional Dubai representative office two years ago. The business saw numerous expansions, in addition to a swell in client assets and accounts in the Middle East, which boasts one of the largest NRI communities in the world.

On the back of Bank of Singapore’s strong global growth momentum, the Dubai International Financial Centre (DIFC) branch saw a solid 9% growth in assets on a year-on-year basis, with over half the assets from the UHNW segment. The branch also houses over 100 employees — more than 50 of whom are front office personnel — having added headcount across all its functions to ensure that clients are serviced to standards befitting the brand.

Since the launch of the DIFC branch in 2017, the fully kitted office has become a stronghold in the region and has since capitalised on the completeness of its wealth management offering to capture the estimated US$4 trillion1 that sits in the MENA region.

Indeed, strong results underpin the business’ leading market position with total revenues in the first nine months of 2018 growing year-on-year by almost 20% despite challenging market conditions. The bank’s efforts to bolster recurring income also led to an impressive surge in DPM assets — with a sizeable contribution made by the NRI segment — resulting in a more diverse revenue mix for the lender.

Not content with its already well-stocked global platform, Bank of Singapore also introduced offerings specific to the market, such as financing solutions for UAE equities and residential property in Dubai.

Owing to these achievements in the region — made in a relatively short period, no less — Bank of Singapore has genuinely confirmed its claim to be ‘Asia’s global private bank’.

Bank of Singapore is Asian Private Banker’s Best Private Bank – Middle East and North Africa for 2018.

1. Capgemini World Wealth Report 2018