Bank of Singapore (BOS) has entered into a partnership with Doha Bank to provide wealth management solutions in the Middle East.
Doha Bank made the announcement during a recent webinar it hosted last month, when it rolled out its newly set-up private banking division.
“We, at Doha Private Banking, fully understand the importance of wealth preservation, steady asset creation and tailoring investment solutions to suit the needs and the risk appetite of our clients,” Slim Bouker, head of private banking at Doha Bank, said.
“And for that, we selected Bank of Singapore to be our trusted partner,” he said.
Bahren Shaari, chief executive at BOS, said that the Singaporean bank will provide Doha Bank with wealth management solutions, but did not elaborate.
Our sister publication Fund Selector Asia sought more information from BOS, but it was not able to provide more details in time for publication.
Expanding in the region
Bank of Singapore already previously had a presence in the Middle East since 1996, when it set up its representative office outside the Dubai International Financial Centre (DIFC).
In 2016, the bank was granted regulatory approval to operate a branch in the DIFC, enabling it to offer customised private banking solutions to ultra high and high net worth (HNW) clients.
The size of the HNWI population in the Middle East increased 9.3% to 759,350 in 2019, while HNWI wealth rose 10.2% to reach $2.9trn (£2.2trn, €2.5trn), according to data from Capgemini.
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