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OCBC, DBS, and UOB pamper ultra-rich Singaporeans
Each bank targets Singapore's rising rich with diverse product offerings, but which bank gets the highest revenue contributions from this wealthy market?
According to Barclays Research, revenue contributions from wealth management are the highest for OCBC due to its diversified product offering, which includes life insurance (through Great Eastern Holdings), private banking, asset management, stockbroking and wealth management product sale revenues.
Here's more from Barclays:
Singapore banks have been developing and investing in their wealth management franchises to capture the opportunity from Asia’s rising private wealth and incoming flows from the rest of the world. Their market share is on the rise as evidenced by the faster pace of growth in the assets under management (AUM) of the three Singapore banks in 2011 relative to growth in Asia’s private wealth (up 10.7% y/y).
OCBC completed its acquisition of ING Asia Private Bank in 2010, which was renamed Bank of Singapore.
DBS has revamped its wealth franchise and launched an additional target customer segment called “DBS Treasures Private Client” in April 2011, which provides differentiated offerings for individuals with AUM of between S$1.5mn and S$5mn. DBS believes that the US$1mn-5mn segment is underserved.
UOB launched a new “UOB Wealth Banking” segment in late 2011 to cater to Singapore’s rising rich with AUM of between S$100,000 and S$350,000 and attracted S$260mn in AUM in the first three months post its launch.
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