The Singapore-based business is seeking to tap into the fast-growing wealth of Malaysia.

Oversea-Chinese Banking Company, parent of Bank of Singapore, has officially pushed into the offshore Malaysian market. Yesterday, it unveiled its BOS Wealth Management Malaysia business.

BOSWM Malaysia will offer customised wealth management solutions and investment advisory services to its ultra-high and high net worth clients in Malaysia, OCBC said in a statement yesterday.

“The establishment of BOSWM Malaysia makes Malaysia the first market after Singapore to have a comprehensive onshore presence that supports OCBC Group’s core business pillars – banking, wealth management and insurance,” OCBC said.

Heading the Malaysian entity is chief executive Teh Chi-Cheun, a finance professional with more than 25 years of experience in investment and asset management. BOSWM Malaysia has almost 60 employees.

The organisation said its launch comes as, according to Knight Frank’s Wealth Report 2022, Malaysia is expected to see a 43 per cent increase in the number of ultra-high net worth individuals between 2021 and 2026 – one of the fastest increases in Asia.

“Establishing an onshore presence in Malaysia through BOSWM Malaysia positions Bank of Singapore well to serve the wealth and investment needs of Malaysia’s ultra-high net worth and high net worth individuals. There is clearly potential for this market to develop and flourish – we can build on the existing synergy in this market given that the OCBC Group is already well represented here through its subsidiaries, OCBC Malaysia and Great Eastern,” BOS chief executive Bahren Shaari, said.

OCBC issued its first-quarter 2022 financial results here.