The development is an example of how banks are trying to ensure that they win and retain the kind of UHNW clients who think of building SFOs.
Bank of Singapore has confirmed to this publication that it is forming a single family office advisory services business, and has named the head of this unit.
The new operation is part of BoS’s structured solutions group.
Tariq Saleim, global head of lending products, credit structuring and wealth planning, has also taken on the role of head of structured solutions group. The entity has offerings such as wealth planning, lending products and credit structuring, real estate advisory and investments, and specific investments for UHNW clients.
BoS is part of OCBC, the Singapore-based banking and financial services group, which recently reported its second-quarter results.
A number of international and domestic banks, such as Citigroup, UBS, Credit Suisse and JP Morgan, work with family offices and FO clients. Rival Singaporean bank DBS also has a family offices unit.