Bank of Singapore eyes private banking in China

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SINGAPORE, June 22 (Reuters): Bank of Singapore, the private banking arm of Singapore's second-biggest lender OCBC, plans to start a private banking operation in China by the end of third quarter to serve a region that has one of the world's fastest growing number of millionaires. The operation, which will be within OCBC China, is aimed at offering wealth products and services largely to entrepreneurs who are looking at investment opportunities to boost their wealth, CEO Renato de Guzman told a news conference at the official opening of the bank's new premises. "With the renminbi appreciation and with exports slowing down, there is a shift for the high net worths to look into other ways to generate more income, grow their wealth," de Guzman said. "Before it used to be very focused my factory, I just keep growing my factory because of big margins from exports", he said. Bank of Singapore was formed in January last year after Oversea-Chinese Banking Corp completed its acquisition of ING's Asian private bank for $1.4 billion and merged it with its own private bank. De Guzman, who used to head ING's Asian private bank, said client assets under management including loans grew by 20 per cent to $32 billion at the end of 2010 from a year ago, and have risen to $36.3 by the end of May at an annualised pace of 30 per cent.