2matters on the record across its booking centres, 2017 to 2022
2.3/522 UHNW client ratings across its booking centres
The editor's opinion
Why Bank of Singapore rates 3.0 out of 5
Bank of Singapore rates 3.0 out of 5. The figure combines the ratings of its three rated booking centres (Singapore, four stars; Hong Kong, four stars; the United Arab Emirates, one star), each weighted by the number of UHNW client ratings it has received, so a centre where more families bank counts for more. Singapore and Hong Kong are the strongest at four stars; the United Arab Emirates is the weakest at one star. Its booking entities carry two matters on the record, the most recent in 2022; each is listed below with the centre it concerns. Across its booking centres, 22 UHNW client ratings average 2.3 out of 5.
Noam Cohen, Editor, Bank IntelligenceReviewed 6 November 2026, Q4 2026 edition. Each booking centre is rated on its own file, from the public record and what clients and their advisers tell us in confidence. The overall rating brings those ratings together; retail products, branches and apps play no part.
Where Bank of Singapore stands out
Deposits are covered by a statutory protection scheme. Singapore
A broad range of private banking services is published for this booking unit. Singapore
A dedicated desk serves external asset managers and family offices. Singapore
The fee schedule is published in full, so a family can price the relationship before asking. All centres
The bank states publicly what it does with third-party payments. Singapore and Hong Kong
Custody assets are protected by statute in the booking centre, with conditions a family should read. Hong Kong
Deposits are covered by a protection scheme, with limits. Hong Kong
Ownership and control are fully public. Hong Kong and United Arab Emirates
No politically exposed person holds a significant stake. United Arab Emirates
What to weigh
A significant regulatory finding stands on the record in the last ten years. All centres
The last adverse finding is recent. All centres
Only a summary of the custody terms is public. All centres
An owner's home jurisdiction carries a mixed official assessment against money laundering. All centres
The bank has not shown publicly that the failings behind past findings were put right. All centres
This file does not yet show how custody assets are ring-fenced by law in this centre. Singapore
Almost no private banking services are published for this booking unit. Hong Kong
No public policy on third-party payments or retrocessions. United Arab Emirates
Singapore · Bank of Singapore Limited11 client ratings · 50% of the weight
Hong Kong · Bank of Singapore Limited, Hong Kong Branch4 client ratings · 18% of the weight
United Arab Emirates · Bank of Singapore Limited, DIFC Branch7 client ratings · 32% of the weight
PPLI.com rating, weighted across the centres3.0
Each booking centre keeps its own rating, set on its own file. The overall rating is the average of those ratings, weighted by the number of UHNW client ratings each centre has received. A centre whose rating is still in preparation is shown but not counted.
The rating expresses the opinion of PPLI.com on the date shown. It is not a statement of fact about the bank, not a credit rating, not a forecast of failure and not investment advice.
The booking centres
Bank of Singapore in 3 booking centres
Each booking centre is a separate legal entity, with its own licence, deposit protection, services and fees, and keeps its own PPLI.com rating. Everything on file for them is brought together on this page; open a centre for its own file.
What regulators, prosecutors and courts have decided against the booking entities of Bank of Singapore, gathered from the files of all its booking centres, with the status, the amounts as published and a link to the original document. Each entry names the centre it concerns. Claims and investigations still under way are marked as open.
202210 November 2022
Fine for inadequate AML systems and controls and for arranging insurance business without authorisation; enforceable undertaking
The DFSA fined Bank of Singapore Limited, acting through its DIFC branch, USD 1,120,000 for inadequate systems and controls, including anti-money laundering controls, and for arranging deals in long-term insurance contracts without the required authorisation. The fine was reduced from USD 2,000,000 because the bank offered an enforceable undertaking to remediate, overseen by an external compliance expert.
The amount of the fine was reduced because the Bank offered the DFSA an Enforceable Undertaking
Liability for selling unsuitable complex products to two elderly customers, upheld on appeal
According to a Clifford Chance briefing of 23 August 2016, the Hong Kong Court of First Instance ruled in Chang Pui Yin and another v Bank of Singapore Ltd for two elderly customers who said the bank sold them complex products they did not understand and that were unsuitable, finding a way around the non-reliance clauses in the bank's contracts. A Herbert Smith Freehills note of 10 August 2017, which does not name the bank, reports that the Court of Appeal upheld the finding.
What clients meet at Bank of Singapore across its booking centres, read from complaint registers, ombudsman decisions and court records, independent reporting and what clients and their advisers tell PPLI.com in confidence. Announcements by the bank, awards and marketing material are left out.
UHNW client ratings
2.3 out of 5, based on 22 client ratings across its booking centres.
Singapore1.8 out of 511 ratings
Hong Kong2.5 out of 54 ratings
United Arab Emirates3.1 out of 57 ratings
What clients report
Singapore. The one client claim with a published judgment is a Hong Kong case brought by two elderly customers, in which the Court of First Instance found in August 2016 that the bank and one of its bankers failed to take reasonable care over unsuitable investments made from 2004 to 2008 through ING's private bank, which later became part of the bank. A Herbert Smith Freehills note of August 2017 reports that the Court of Appeal upheld that finding.
Hong Kong. The client claim with published rulings was brought by two elderly customers who said they had been sold complex products they did not understand and that did not suit them. Law firm notes report that the Court of First Instance found in August 2016 that the bank breached its contractual duty of care by recommending products that did not match their investment objectives, and that the Court of Appeal affirmed in 2017, holding the bank's exclusion clauses unconscionable and unreasonable. No damages figure has been published.
United Arab Emirates. The one public regulatory finding on the branch, the DFSA fine of November 2022, concerned anti-money laundering controls and a missing insurance permission rather than client service.
Worth raising with the bank
Singapore. Ask whether the remediation required under the DFSA enforceable undertaking of November 2022 for the DIFC branch is complete, and whether any part of your relationship would be booked or advised there.
Singapore. Ask how the bank now tests suitability before selling complex products to older clients, given the Hong Kong ruling of 2016 that the Court of Appeal upheld in 2017.
Hong Kong.
United Arab Emirates. Ask whether the branch now holds the DFSA permission to arrange long-term insurance contracts, since the 2022 fine found it had arranged such business without authorisation.
United Arab Emirates. Ask whether the remediation the branch committed to in its enforceable undertaking of November 2022, with an external compliance expert, has been completed.
Financial standing
Credit ratings published by the agencies for the companies named in the centre files, dated by the latest agency or bank document that confirms them
Gulf News reported the DFSA's USD 1.12 million fine on the bank's DIFC branch for anti-money laundering control failings and for arranging long-term insurance deals without authorisation.
WealthBriefing reported the SFC's 21-month ban on Pang Hon Pan, a former senior relationship manager whom the bank had dismissed in March 2020, for misconduct at his previous employer, Standard Chartered.
WealthBriefingAsia, citing The Business Times, reported that the Hong Kong High Court found the bank and a banker failed to take reasonable care with an elderly couple over unsuitable investments made from 2004 to 2008.
What it costs
What Bank of Singapore charges, centre by centre
Fees are set by each booking entity, so they are shown centre by centre. Three of the three centres of Bank of Singapore publish a fee schedule, read on 6 November 2026 from the documents linked under each table. To compare banks fairly we put every published fee in US dollars at the same indicative rates and apply it to the same reference amounts, then rate each fee against the average of the other banks that publish it. Five stars is the lowest fee, one star the highest. Terms a family actually negotiates are often different, and a bank can change its schedule at any time.
The published fees side by side
Fee
Singapore
Hong Kong
United Arab Emirates
Other banks
Custody and safekeepingeffective rate on USD 25 million
0.25% a year
0.25% a year
0.25% a year
0.30% a yearaverage of 38 other banks
Discretionary mandateeffective rate on USD 12.5 million, balanced profile
2.00% a year
2.00% a year
2.00% a year
1.20% a yearaverage of 25 other banks
Advisory mandateeffective rate on USD 12.5 million
2.00% a year
2.00% a year
2.00% a year
0.88% a yearaverage of 21 other banks
Equity tradecommission on a USD 250,000 trade, major exchange
1.00%
1.00%
1.00%
0.80%average of 47 other banks
Bond tradecommission on a USD 500,000 trade
2.00%
2.00%
2.00%
0.92%average of 42 other banks
Third party fund subscriptionfee on a USD 250,000 subscription
2.00%
2.00%
2.00%
1.37%average of 42 other banks
Currency conversionmargin on a USD 1 million spot conversion
1.00%
1.00%
1.00%
0.70%average of 30 other banks
Minimum annual feeper year, or fee below the asset threshold
USD 10,000 a year
USD 10,000 a year
USD 10,000 a year
USD 4,189 a yearaverage of 38 other banks
Outgoing international transferper transfer, standard
USD 30
USD 30
USD 30
USD 57average of 61 other banks
Transfer of securities to another bankper position
USD 100
USD 100
USD 100
USD 127average of 38 other banks
Closing the accountone off
USD 250
USD 250
USD 250
USD 734average of 21 other banks
Each fee is rated against the average of the other banks that publish it: five stars is the lowest, one star the highest. The schedules, their dates and what each leaves out are listed centre by centre below.
Hong Kong · Bank of Singapore Limited, Hong Kong BranchCentre file
The reference relationship, at Bank of Singapore's list prices
USD 312,500 a year
125 basis points for custody and a discretionary mandate (custody USD 62,500, discretionary mandate USD 250,000)
With the trades, conversions and transfers of the reference year added at list price: about USD 513,220 a year, 205 basis points.
against 22 other banks on custody and mandate fees
Price level of the published fees11 fees compared with the other banks that publish them
Not in the published schedule: account maintenance, lombard loan margin.
Third party payments. The schedule states: “The Bank may receive commissions, fees, rebates or non-monetary benefits ... You agree that the Bank is entitled to retain such commissions, fees, rebates and non-monetary benefits.”
How the comparison works: USD 25 million booked with the bank: half under a discretionary balanced mandate, half in custody with advice; 24 equity trades of USD 250,000 and 8 bond trades of USD 500,000 a year; 6 currency conversions of USD 1 million; 24 outgoing international transfers. Tiered fees are applied to those amounts tranche by tranche, stated minimums are applied, and amounts are converted at indicative rates of 2026-11-06. Read how we compare fees.
The bank at a glance
Identity, protection and services
Ownership
Group parentOversea-Chinese Banking Corporation Limited (listed, SGX) Source
ControlWidely held; no shareholder with 10% or more Source (25 February 2026)
Holder of 10% or moreSelat (Pte) Limited, 14.44% in Oversea-Chinese Banking Corporation Limited Source (25 February 2026)
Disclosed holdings of 3% or moreLee Foundation 5.13% Source (25 February 2026)
Ownership is shown as published, with its date. It describes who owns the bank; it does not, by itself, suggest any wrongdoing by the bank or its owners.
Booking entities
SingaporeBank of Singapore LimitedMAS · Locally incorporated subsidiary · LEI 5493002HXPWNWONL4B16Licence: Local Bank (locally incorporated bank, Singapore); also Exempt Capital Markets Services Entity, Exempt Financial Adviser, Exempt Trust Company Source
Hong KongBank of Singapore Limited, Hong Kong BranchHKMA (licensed bank incorporated outside Hong Kong); home supervisor MAS · Branch of Bank of Singapore Limited · LEI 5493002HXPWNWONL4B16Licence: Licensed bank, incorporated outside Hong Kong (branch of Bank of Singapore Limited) Source
United Arab EmiratesBank of Singapore Limited, DIFC BranchDFSA; licence holder regulated by MAS · Branch of Bank of Singapore Limited · LEI 5493002HXPWNWONL4B16Licence: DIFC branch
Offered at one or more booking centresOffered by the group, not confirmed at a centreNot located, which does not mean unavailable Checked on the bank's own pages for each centre.
Access and costs
Minimum relationshipSingapore: USD 5 million Source Hong Kong: USD 5 million Source United Arab Emirates: USD 5 million Source
US personsSingapore: Not published Hong Kong: Not published United Arab Emirates: Not published
Fee scheduleSingapore: Published, Document code BOS202603; no effective date printed; GST figures stated as of 1 January 2024 SourceCompared below Hong Kong: Published, document code BOS202603; GST-inclusive figures based on the 9% rate as of 1 January 2024; no effective date printed SourceCompared below United Arab Emirates: Published, Ref. BOS202603 (no effective date printed; GST rate note as of 1 January 2024) SourceCompared below
Third party paymentsSingapore: Published Source Hong Kong: Published Source United Arab Emirates: Published Source
Transfer out termsSingapore: Published Source Hong Kong: Published Source United Arab Emirates: Not published
Protection of client assets
Deposit protectionSingapore: Full banks in Singapore, including local banks and qualifying full banks, are members of the SDIC Deposit Insurance Scheme unless exempted by MAS: S$100,000 per depositor per member. Membership taken from the SDIC rule; the named member list is to be checked. Only eligible Singapore-dollar deposits are insured; deposits in US dollars or other currencies are not covered. Hong Kong: Bank states its deposit protection coverage: Cash deposits (with a maturity period of 5 years or less) qualify for protection under the Deposit Protection Scheme in Hong Kong; Structured deposits, certificates of deposit and term deposits of more than 5 years, dual currency investments and other investment products are not protected. More information on the Deposit Protection Scheme is available at the website www.dps.org.hk. United Arab Emirates: Not published
Custody lawSingapore and United Arab Emirates: Not published Hong Kong: Client securities held by licensed or registered persons must be safeguarded under the Securities and Futures Ordinance and the Securities and Futures (Client Securities) Rules, as referenced in SFC Code of Conduct para 11.1.
Custody termsNot published
Before opening an account
Custody agreement. Ask for the agreement covering the account you would open. Which entity holds the securities, what law governs the account, and where would the assets be held if a sub-custodian is used?
Reporting to the family office. The bank lists a desk for external asset managers. Ask for a sample statement or data export and confirm whether it includes positions, transactions, accrued income and all currencies held. Singapore
Exit costs. The fee comparison shows USD 100 per position for a securities transfer. Ask what rate would apply to your mandate and whether the receiving bank or a sub-custodian would charge separately. See published fees.
Working with your adviser. The external-manager capability is documented at group level. Ask which entity would sign the mandate, whether your manager can trade directly, and which instructions must come from you. Hong Kong and United Arab Emirates
Your experience
Rate Bank of Singapore
If you bank with Bank of Singapore in any of its booking centres, or advise clients who do, your experience forms part of its PPLI.com rating. Please say which centre you deal with. Every response is read by the editor and treated in strict confidence.
Before we publish a significant negative finding that is not already public, we give the bank the facts and time to comment, on the same timetable for every bank. Decisions of regulators and courts are shown as they were published. Corrections we verify are published with the date of the change. Write to [email protected] quoting the reference of the booking centre concerned: Singapore BK-SG-BANK-OF-SINGAPORE-71BE8B; Hong Kong BK-HK-BANK-OF-SINGAPORE-HK-A694EA; United Arab Emirates BK-AE-BANK-OF-SINGAPORE-DIFC-7D42B9.
Reviewing this file with us
Families and their advisers read this file before they open an account. It can only be as complete as the documents we can find, and much of what sets a private bank apart, from its custody terms to the way a client team works, is rarely published.
If you represent Bank of Singapore, one of our Bank Intelligence analysts can go through the file with you: correct anything that is out of date, add terms and documents that are not yet public, and set out what has improved since our last edition. The review is a paid engagement for the analyst's time and research.
The rating itself stays with our editor and follows what the documents show, so we cannot promise a particular result. When a review changes the file, this page notes that the bank took part, with the date and what was added.
Brought together by the PPLI.com research desk from the files of its booking centres and the public sources listed. The rating is our editorial opinion; read how the overall rating is built.
Important information. Editorial opinion of PPLI.com on the date shown, based on public information, client experience and editorial judgment. Not a statement of fact, a credit rating or investment, legal, tax or financial advice; verify with the bank and your own advisers before acting. No liability is accepted for reliance on this content. Bank names and logos are used for identification only. Ratings are updated every quarter. This is the Q4 2026 edition, and a rating can change between editions if something material happens. Full disclaimer
Rating signed by Noam Cohen, Editor, Bank IntelligenceReviewed 6 November 2026Methodology 2.4Overall rating weighted by UHNW client ratings
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