SINGAPORE (THE BUSINESS TIMES) - Bank of Singapore (BOS), the private banking arm of OCBC Group, has opened a wealth management unit in Malaysia to capture growth opportunities and expand its coverage in the South-east Asian region.
Known as BOS Wealth Management Malaysia (BOSWM Malaysia), the unit will provide customised wealth management solutions and investment advisory services to its ultra-high and high-net-worth clients in Malaysia, BOS said on Wednesday (June 1).
With the new entity, Malaysia will become the first market after Singapore where OCBC has a comprehensive onshore presence in its core business pillars in banking, wealth management and insurance.
BOS said the launch comes at "an opportune time", and it noted that Malaysia will likely see a 43 per cent increase in the number of ultra-high-net-worth individuals between 2021 and 2026, one of the fastest in Asia.
BOS chief executive Bahren Shaari said: "There is clearly potential for this market to develop and flourish - we can build on the existing synergy in this market given that the OCBC Group is already well represented here through its subsidiaries, OCBC Malaysia and Great Eastern."
BOSWM Malaysia will be led by CEO Teh Chi-Cheun, who is a veteran finance professional with more than 25 years of experience in investment and asset management. The unit currently has close to 60 employees.
Shares of OCBC were up eight cents, or 0.7 per cent, at $11.91 at 3.20pm on Wednesday.