Bank of Singapore and CEO Renato de Guzman bag private banking awards

Renato de Guzman, Bank of Singapore CEO. OCBC's private banking arm, the Bank of Singapore (BoS), has won three top regional awards. -- PHOTO: BANK OF SINGAPORE
Renato de Guzman, Bank of Singapore CEO. OCBC's private banking arm, the Bank of Singapore (BoS), has won three top regional awards. -- PHOTO: BANK OF SINGAPORE

Singapore - OCBC's private banking arm, the Bank of Singapore (BoS), has won three top regional awards.

It was named the Best Private Bank for Singapore and the Philippines, while its outgoing chief executive, Renato de Guzman, was named the Private Banker of the Year by trade magazine Asian Private Banker.

It's the fourth year in a row that BoS won for Singapore, while the Philippine title is its first.

BoS was credited for its ability to attract high net worth individuals, growing its assets under management (AUM).

Its assets under management (AUM( for 2014 came in at US$51 billion at the end of September, up 10.8 per cent from the US$46 billion at the end 2013.

The private bank also won praise for its stable financials and credit rating, impressive product offerings and local insights.

"This elusive combination of growth, profitability, in depth local expertise as well as a

superior credit rating and enviable balance sheet strength, has made Bank of Singapore the clear winner in this category for the fourth consecutive year," said Asian Private Banker editor Shruti Advani.

Mr de Guzman, who's due to retire at the end of this month, received the most nominations and commendations from peers outside his own financial institution for his individual award.

Known as Bing to his staff and those within the industry, he described the award as a delightful gift, thanking his colleagues for helping him along.

"Thirty-five years in private banking has taught me that a successful private banker is not the outcome of the individual alone," he said.

"To serve a client very well, one requires the teamwork of colleagues in research who provide market insights for good advice, the product team who sources best-in-class products, the risk management."

UBS Wealth Management was named the Best Private Bank in Asia.