Bank of Singapore inks deal with Sumitomo Mitsui subsidiary

The MOU aims to highlight BOS banking services to SMBC Trust Bank’s high net worth clientele.

OCBC’s private banking arm, Bank of Singapore has inked a memorandum of understanding (MOU) with Sumitomo Mitsui Banking Corporation’s subsidiary SMBC Trust Bank with the aim of increasing the exposure of BOS’ private banking services to SMBC’s high net worth clientele.

The move comes as BOS aims to tap into the country’s growing affluent population as a report from management consulting firm Boston Consulting Group estimates private wealth in the country to hit $16.2t by 2021.

“We are pleased that SMBC Trust Bank has selected Bank of Singapore to help their clients grow their wealth outside of Japan. This is a testament to the strong brand that Bank of Singapore has built as Asia’s global private bank in the last eight years,” Bahren Shaari, CEO, Bank of Singapore.