SINGAPORE: The Oversea-Chinese Banking Corporation’s Private Banking unit, Bank of Singapore, grew assets under management and revenue, according to the groups third quarter financial report released today.
Oversea-Chinese Banking Corporation (OCBC) Private Banking business achieved robust growth in assets under management (AUM), overall Singapore’s second largest bank reported a 5 percent rise in net profit after tax for the third quarter ended September 30.
Bank of Singapore’s AUM as at 30 September 2016 was $62 billion, up 20 percent from $52 billion a year ago. OCBC’s 2016 nine month wealth management income, comprising income from insurance, private banking, asset management, stockbroking and other wealth management products, was $1.22 billion.
This does not include the AUM contributions from the acquisition of the Barclays Wealth and Investment Management business in Singapore and Hong Kong, which is scheduled for completion later this year.
The operating environment for the Group remains challenging amidst weak economic conditions,» said Samuel Tsien, CEO of OCBC Group.
