OCBC’s private banking arm sees 20% profit surge

Bank of Singapore expects assets from European clients to double next year as they park their money in the Asia-Pacific.

Bank of Singapore, the private banking arm of Oversea-Chinese Banking Corp, expects profits and client assets to grow by 20 percent next year as investments in staff and infrastructure start to pay off.

The private bank has added about 40 relationship managers so far this year, boosting the number to 220, CEO Renato de Guzman said at a news conference. The firm also invested in an improved trade order system and other platforms, he added.

"We expect that we will benefit from these investments next year and two years from now," de Guzman said.

He said client assets from European clients could double next year as investors outside Asia look for opportunities to park their money in the region.

Bank of Singapore had $31 billion worth of assets including loans as of October, up from $26 billion in January. Excluding loans, assets under management stood at $26 billion.

View the full story in Reuters.