Doha Bank made the announcement during a recent webinar it hosted last month, when it launched its newly set-up private banking division, according to a statement from the bank.
“We, at Doha Private Banking, fully understand the importance of wealth preservation, steady asset creation and tailoring investment solutions to suit the needs and the risk appetite of our clients,” Slim Bouker, head of private banking at Doha Bank, said.
“And for that, we selected Bank of Singapore to be our trusted partner,” he said.
Bahren Shaari, CEO at BOS, said in the statement that the Singaporean bank will provide Doha Bank with wealth management solutions, but did not elaborate.
FSA sought more information from BOS, but it was not able to provide more details in time for publication.
Bank of Singapore already previously had a presence in the Middle East since 1996, when it established a presence in Dubai through its representative office outside the Dubai International Financial Centre (DIFC).
In 2016, the bank was granted regulatory approval to operate a branch in the DIFC, enabling it to offer customized private banking solutions to ultra high and high net worth clients.
The size of the HNWI population in the Middle East increased 9.3% to 759,350 in 2019, while HNWI wealth rose 10.2% to reach $2.9trn, according to data from Capgemini.
