Singapore, 06 Feb 2017
Bank of Singapore enters into strategic agreement with leading Swiss bank, Vontobel,
to be the first Singapore private bank to enable its clients to book their assets
Agreement allows Bank of Singapore clients to place their assets in Vontobel’s booking centre in Zurich and have access to the Swiss wealth manager’s extensive range of European financial products and services.
A first of its kind, Bank of Singapore has entered into a strategic cooperation agreement with leading Swiss banking group, Bank Vontobel AG (“Vontobel”) enabling its Asian ultra-high and high net worth clients to open an account with Vontobel to place their assets in the Swiss wealth manager’s Zurich booking centre. This will enable them to access to the Swiss wealth manager’s bestin-class suite of European financial products and services. Bank of Singapore clients have the option of choosing Vontobel or Bank of Singapore to manage their assets booked in Zurich.
This agreement brings together the best of both worlds for Bank of Singapore clients – Bank of Singapore’s expertise in advisory services for Asian-based clients and Vontobel’s offering of asset-booking services in Switzerland, the leading destination for offshore wealth, coupled with its extensive range of European financial solutions and services. Having Bank of Singapore manage its clients’ assets booked with Vontobel gives its wealth managers a holistic view of the clients’ total wealth portfolio, thus enabling them to manage clients’ wealth in a comprehensive and efficient manner.
Switzerland is recognised as an attractive booking centre because of the stability and transparency of its legal and regulatory environment. It is a popular choice of offshore centres amongst ultra-high and high net worth individuals, holding nearly one-quarter of all offshore assets globally and is expected to remain the largest centre through 2020 due to its high service quality, diverse product offerings, political stability, safe haven currency and attractive location in Central Europe1 . Adding this option of Vontobel’s booking centre in Switzerland is hence a natural fit to Bank of Singapore’s existing offering of booking services in two of the leading global financial hubs based in Asia – Singapore and Hong Kong.
1 Global Wealth 2016: Navigating the New Client Landscape, Boston Consulting Group