Private Bank of Singapore |
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Exchange Rates
Singapore Dollars |
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1.2798 |
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1.7290 |
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2.0645 |
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0.1942 |
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Singapore is an island state which in recent times has grown to become one of the important Asian tiger economies, along with Taiwan, Hong Kong, and Tokyo. The major financial and business hub of South East Asia, and globally, the fourth largest foreign exchange centre, Singapore is well equipped to meet the demands of modern banking. Recognised for having the most business friendly economy in the world, many multi-national corporations, banks and businesses locate in Singapore and any private bank of Singapore will meet the same high standards of service provision as the other financial and business services for which Singapore is rightly renowned.
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A private bank of Singapore will offer a range of personal financial services specifically tailored for those with sizeable assets and considerable personal wealth. This distinguishes private banking from the mass market principles of retail banks. A personalised approach to banking and financial services means private banking is less affected by regional limitations and wholesale financial constraints.
Private banking is sometimes also known as wealth management, particularly when the individual has very high assets and considerable financial considerations. As one of the world's richest nation states relative to its population, Singapore is well prepared to provide first class financial services and any private bank of Singapore will be happy to discuss specific financial requirements for any high worth individual.
All the preparations and setting up of the right environment for private banking have been conducted with same attention to detail which has served Singapore so well in other areas of business and finance. As a historical trading post of great significance in the South China Seas, the culture of Singapore is finely tuned to the demands for an exacting and efficient attitude to business and for a courteous and well informed attitude to personal service.
The commitment to excellence in all parts of the formation and maintenance of the private banks of Singapore has resulted in the kind of successful and significant growth which in Singapore flourishes as a matter of course, like its other existing business and financial operations. In 1996 forecasts were for 25% annual growth in managed funds through the private banks of Singapore.
As the major financial centre in South East Asia, much of the privately managed wealth comes from Indian, Malaysian, and Philippino sources. The central bank, the Monetary Authority of Singapore, estimates that as of 2006, some $200 billion in private assets is managed by private banking services in Singapore.
The regulatory systems and legal structures within Singapore are perfectly suited for private banking but that is just a part of the success story in the creation of a highly regarded private bank of Singapore. a complementary route to success is taken in the comprehensive training of private bank personnel.
Wealth Management Institutions are charged with imparting all the required financial practices and knowledge, and there are also classes given in social etiquette and interpersonal interaction. Singaporeans have always been service oriented and this forms an essential part of Singapore’s financial service provision.
Singapore's dedication to producing the very best in private banking is certainly working. Many banks have their South East Asia base in Singapore due to the stability of the country and the country's solid legal foundation. While Swiss banking still leads the world in the value of their managed personal funds, Singapore is growing fast to become a recognised major player in private banking.
The range of financial services on offer within any private bank of Singapore are extensive and tailored to each individuals own circumstances and requirements. Available services include a raft of retail banking specialities such as loans, mortgages, credit and debit facilities. Estate management services will also be offered with the objective of maximising an individual's estate by reducing costs, taxes and other expenses.
The management of income tax and other personal tax issues plays a large part of the remit for any private bank of Singapore and investment management of assets and securities does too. Additional private banking services may include foreign exchange, trustee services, credit and trade finance issuing, fund management, corporate administration, and the wire or electronic transfer of funds.
A private bank of Singapore will score highly in all the prerequisites for effective personal finance. In an age where half of the world's capital has been processed through private banking and a quarter of the world's wealth is currently under the management of private banks, the role of the private bank is more important than ever and a private bank of Singapore is better placed than most to provide the right financial solutions and the very highest levels of personal service.
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