Bank of Singapore sees pressure on Asia's small wealth firms

Singapore

BANK of Singapore Ltd, the private banking arm of South-east Asia's second-largest lender, Oversea-Chinese Banking Corp (OCBC), sees further consolidation in the Asian wealth management sector, as business gravitates to the larger firms and smaller players find it harder to offer the range of services demanded by the region's rich.

Though the business of managing money for Asia's rich is booming as wealth in the region has expanded, only large banks offering a variety of global products are likely to prosper, according to Bahren Shaari, Bank of Singapore's chief executive.