United Overseas Bank (UOB) has launched its new stylish branch for rich clients at Marina Bay Sands (MBS), as part of the company’s plans to expand its business to cater to the increasing number of wealthy people in Asia.
UOB’s MBS branch is aimed at customers with $1 million or more in assets at the bank, especially overseas clients, according to James Phoen, who heads UOB’s offshore division of the Privilege Banking business.
“Our eyes are on the region. With Asia driving the global economic engine, and the growing number of affluent Asians, there are many opportunities to be part of the ballooning wealth management business,” said Mr. Phoen, which was reported in The Business Times.
Most of UOB’s Privilege Banking business outside Singapore comes from Malaysia and Indonesia, and Mr. Phoen noted that the bank also wants to attract wealthy clients from both countries. It already has 190 Privilege Banking relationship managers, 55 of which are serving overseas customers and 135 serving Singapore clients. UOB is planning to double its offshore sales team over the next five years.
The bank said the use of the new MBS branch is by appointment only due to its relatively small space, with just 1,100 sq ft compared with 3,000 sq ft or more for the bank’s six other Singapore Privilege Banking centres.
Customers inside are treated to a comfortable experience. Its discreet interior, complete with stylish, curved soft walls and sleek designer furniture, makes it stand-out.
The MBS branch cost more than $1 million, compared to $800,000 for a regular branch. UOB said that if the MBS branch becomes a hit with clients, it will include similar posh suites elsewhere, starting with Beijing.