Bank of S'pore eyes further growth in Mid-East business

Bank of Singapore aims to grow its business in the Middle East, with the region contributing up to 20 per cent of its overall revenue and private banking assets over the next three to five years, from around 10 per cent now.

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Bank of Singapore, an OCBC unit and one of Asia's biggest private banks, grew its assets under management (AUM) to US$116 billion (S$152 billion) as at end-September 2023, from about US$20 billion in 2010, as per the latest financials available for the unlisted firm.

The private bank's Singapore and Hong Kong hubs currently make up the majority of its AUM.

"UAE and in particular Dubai have become key destinations for global millionaires post-Covid," Mr Ranjit Khanna, the head of private banking for Europe and the Middle East and chief executive for Dubai hub at Bank of Singapore, told Reuters.