Japan's SMBC Trust Bank entered a «first of its kind» agreement with the Singaporean wealth manager. Clients of the Japanese bank will gain access to global investment opportunities.
Bank of Singapore and SMBC Trust Bank inked a strategic memorandum of understanding. The partnership is a first of its kind between a Singapore private bank and a leading Japanese bank.
The agreement was announced at a signing ceremony in Singapore on Monday, and is expected to increase the visibility of Bank of Singapore to Japanese ultra-high and high net worth individuals.
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«SMBC Trust Bank wanted a private bank with Asian roots whom they can trust to serve in the best interests of their clients,» said Bahren Shaari, chief executive of Bank of Singapore.
In February 2017 Bank of Singapore inked another first of its kind agreement when it entered into a strategic cooperation arrangement with Zurich-based Vontobel. The partnership allows Bank of Singapore clients to place their assets in Vontobel’s booking center in Zurich and have access to the Swiss wealth manager’s range of European financial products and services.
