(28 October 2016 – Singapore) Bank of Singapore (BOS) said it had been selected by German-based DZ Bank for a referral agreement under which the German wealth manager will refer its clients.
“DZ Privatbank Singapore will offer its clients the option to move their assets to Bank of Singapore so as to enjoy continued private banking services in Singapore,” BOS said in a statement.
The latest arrangement involves no financial exchange.
Earlier this year, BOS agreed to pay US$320 million (A$421 million) to buy the wealth and investment management business of Barclays in Hong Kong and Singapore – its second largest private banking acquisition since 2009.
DZ Bank’s exit follows that of several Western banks, which have withdrawn from private banking in Asia, hit by pressure to reduce costs, slowing growth in the region and rising compliance costs.