Bank of Singapore signs new agreement with Japan's Sumitomo Mitsui Banking Corp unit SMBC Trust Bank

OCBC Bank Reuters

Singapore-based private banking arm of OCBC Bank, BOS or Bank of Singapore has signed a memorandum of understanding (MOU) with SMBC Trust Bank. The aim of this agreement between two banks is to provide clients of Japanese bank with a global investment opportunity to expand their portfolio.

Headquartered in Tokyo, SMBC Trust Bank is a wholly owned subsidiary of Sumitomo Mitsui Financial Group, which is the second largest bank in Japan in terms of the market value.

BOS said that it hopes the MOU will help them to raise their profile higher among the Japanese high and ultra-high net worth individuals.

As per the reports, BOS said that from this segment, the growth in assets under management (AUM) has been robust with a 19 percent annual growth rate in 2017.

The Boston Consulting Group, the global management consulting firm stated that in Japan, the private asset is expected to rise from US$14.9 trillion in 2016 to US$16.2 trillion in 2021.

Jones Lang LaSalle Incorporated or JLL is an American professional service and investment management company, which is specialized in real estate mentioned in the March 2018 report that Japanese investors were trying to expand and diversify their profile outside the home ground.