Singapore , 09 Jan 2015Bank of Singapore fortifies leading position as Best Private Bank in Asian Private
Banker Awards for Distinction 2014
Bank of Singapore wins big at the Asian Private Banker’s Awards for Distinction 2014, clinching the award for Best Private Bank, Singapore for the fourth year running. In addition, for the first time, the bank is ranked Best Private Bank, Philippines. In the individual award categories, Bank of Singapore Chief Executive Officer, Renato de Guzman, received top honour as Private Banker of the Year.
The Asian Private Banker Awards for Distinction are the industry standards for excellence in private banking in the region. Using an objective and robust point-based system and expert analysis, the Asian Private Banker Awards for Distinction judging panel accurately determines the best suited institution for each award category.
On Bank of Singapore’s award as Best Private Bank in Singapore, Ms Shruti Advani, Editor of Asian Private Banker shared, “One private bank has distinguished itself by its stable financials and credit rating, market-leading product shelf, high penetration of the regional high net worth individual (HNWI) population and unparalleled local insights. Bank of Singapore, the deserved winner of this award for the fourth consecutive year, has demonstrated beyond a doubt its dominance of the wealth management industry in Singapore across several parameters, including but not restricted to, assets under management (AUM).”
“Having judged its offering for four years, Asian Private Banker was convinced not only of the scale of the bank's ambitions for its home market but also of the effective implementation of these strategies,” she added.
Bank of Singapore was also singled out for its ability to leverage its strong financial base to fortify its status as the private bank of choice for HNWIs in Singapore, with over US$51 billion in AUM at the time of the submission for the award.
“Whilst the number is important as an absolute indicator of the bank's success, it is as vital, if not more so, as a predictor of its sustainability. With year-on-year asset growth, the bank is able to demonstrate the longevity of its model,” said Ms Advani.
“This elusive combination of growth, profitability, in depth local expertise as well as a superior credit rating and enviable balance sheet strength, has made Bank of Singapore the clear winner in this category for the fourth consecutive year,” she declared.
The Private Banker of the Year award is presented to the individual who has received the most nominations and commendations from peers outside the nominee’s institution.
According to the Asian Private Banker, it contacted stakeholders across the market – private bankers, product providers, industry veterans and clients, in its search for outstanding candidates. Feedback, which was both candid and comprehensive, yielded unequivocal admiration for Renato de Guzman, CEO, Bank of Singapore, from his colleagues, competitors and clients.
According to the award citation, “Bing” as he is known throughout the ranks at Bank of Singapore – an institution he was instrumental in founding - inspires almost unparalleled commendation across banking circles. As an apt manifestation of the determination these awards recognize, he has steered his institution and his clients through two major financial crises. Equanimity and constancy are his hallmarks.
Said Bank of Singapore CEO, Renato de Guzman: “Receiving the Private Banker of the Year award is a delightful gift before I retire. 35 years in private banking has taught me that a successful private banker is not the outcome of the individual alone. To serve a client very well, one requires the teamwork of colleagues in research who provide market insights for good advice, the product team who sources best-in-class products, the risk management folks who ensure that our clients’ interests are protected. I thank my colleagues in Bank of Singapore, who made it so much easier for me to do my job well, and who made it possible for Bank of Singapore to win the best private bank title for four consecutive years since our launch in 2010.
Today, Bank of Singapore is well recognized as Asia’s global private bank. Our wealth solutions could only be the best if our clients earn good returns. Our research can only be the best if the knowledge is relevant and applicable to our clients’ needs. Bank of Singapore’s AUM could only have doubled in four years because our clients placed their trust in us, along with their money. Our clients make Bank of Singapore who we are today. So thank you, from all of us at Bank of Singapore.”