SINGAPORE (THE BUSINESS TIMES) – Bank of Singapore (BOS), the personal banking arm of OCBC Group, has opened a wealth management unit in Malaysia to seize development alternatives and develop its protection in the South-east Asian area.
Known as BOS Wealth Management Malaysia (BOSWM Malaysia), the unit will present customised wealth management options and funding advisory providers to its ultra-high and high-net-worth purchasers in Malaysia, BOS stated on Wednesday (June 1).
With the brand new entity, Malaysia will develop into the primary market after Singapore the place OCBC has a complete onshore presence in its core enterprise pillars in banking, wealth management and insurance coverage.
BOS stated the launch comes at “an opportune time”, and it famous that Malaysia will doubtless see a 43 per cent enhance in the quantity of ultra-high-net-worth people between 2021 and 2026, one of the quickest in Asia.
BOS chief govt Bahren Shaari stated: “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.”
BOSWM Malaysia might be led by CEO Teh Chi-Cheun, who’s a veteran finance skilled with greater than 25 years of expertise in funding and asset management. The unit at the moment has near 60 workers.
Shares of OCBC have been up eight cents, or 0.7 per cent, at $11.91 at 3.20pm on Wednesday.
OCBC’s Bank of Singapore opens wealth management unit in Malaysia & More Latest News Update
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