With the opening of BOSWM Malaysia, it further expands Bank of Singapore’s coverage of the Southeast Asia region.
Bank of Singapore, the private banking arm of Southeast Asia’s second largest financial services group, OCBC Group, today unveiled its onshore entity, BOS Wealth Management Malaysia (BOSWM Malaysia), that further positions Bank of Singapore to capture growth opportunities in Malaysia. By leveraging on Bank of Singapore’s expertise, BOSWM Malaysia will be able to offer a comprehensive range of customised wealth management solutions and investment advisory services to its ultra-high and high net worth clients in Malaysia.
The establishment of BOSWM Malaysia makes Malaysia the first market after Singapore to have a comprehensive onshore presence that supports OCBC Group’s core business pillars – banking, wealth management and insurance. Other subsidiaries that have presence in Malaysia include OCBC Bank Malaysia and Great Eastern. This supports the vision of OCBC Group to become the leading wealth management player in Malaysia.
The launch of BOSWM Malaysia also comes at an opportune time. According to Knight Frank’s Wealth Report 2022, Malaysia is expected to see a 43% increase in the number of ultra-high net worth individuals between 2021 and 2026 – one of the fastest in Asia.
Heading the Malaysian entity is Chief Executive Officer Mr Teh Chi-Cheun, a veteran finance professional with over 25 years of experience in investment and asset management. BOSWM Malaysia presently has close to 60 employees.
An official opening ceremony was held today and was attended by the Group Chief Executive Officer of Bank of Singapore’s parent company OCBC Bank, Ms Helen Wong; Bank of Singapore Chief Executive Officer, Mr Bahren Shaari; and OCBC Bank Malaysia Chief Executive, Dato’ Ong Eng Bin; as well as the staff of BOSWM Malaysia.
Chief Executive Officer of Bank of Singapore, Mr Bahren Shaari, said, “Establishing an onshore presence in Malaysia through BOSWM Malaysia positions Bank of Singapore well to serve the wealth and investment needs of Malaysia’s ultra-high net worth and high net worth individuals. There is clearly potential for this market to develop and flourish – we can build on the existing synergy in this market given that the OCBC Group is already well represented here through its subsidiaries, OCBC Malaysia and Great Eastern.”
