United Overseas Bank, the Singaporean lender, has launched a new wealth banking service to tap the pockets of the nation’s “rising rich”.

The bank has identified what it considers “an underserved but sizeable and growing segment of banking customers in Singapore". This segment of the rising rich comprises individuals with investable assets of at least S$100,000 ($76,300) and makes up a quarter of the working population in Singapore, aged between 30 and 55.

To access this part of the market, the bank has launched a suite of financial services and relationship managers to help managers focus on providing customers with a greater understanding of market conditions, the different financial products specific to their needs, and to help them seize opportunities from market trends.

“By 2015, the rising rich group in Singapore is expected to grow by 20 per cent. UOB has recognised that with rising income levels across Asia, serving the high net worth individuals of tomorrow, today, will be key to their future success,” said James Phoen, managing director and head of sales and distribution at UOB.

UOB found that Singapore’s rising rich ranges from the young achievers in their early 30s, those over 35 who are married with young children, to those over 40. They have been accumulating wealth through their focus on business and their careers.

However, they often have little time to explore options around what investments would best suit their circumstances, said the bank.

UOB’s wealth banking customers will have access to a team of product specialists to provide advice, clarity and understanding and help them find investment products to suit their needs. For the first time, products commonly held for the ultra high net worth segment will also be made available to the rising rich. These include products with shorter duration to ride on market trends, such as currency, index, commodity and interest rate-linked products. Wealth banking customers will also get a UOB Signature Visa Card.

UOB has opened a wealth banking branch at Scotts Square, Orchard Road. The concept branch holds facilities designed to help customers conduct all their investment needs in one exclusive and convenient location. Customers will access trading ideas and real- time information, including stock recommendations, identification of value stocks and receive advice from their relationship manager on fundamental and technical analysis of investment opportunities at the centre’s Reuter Insights corner.

The centre also includes a dedicated travel concierge service to help customers with their travelling needs. Butlers will also be on hand to serve coffee and tea to customers, while they admire pieces from UOB’s 1,500-piece art collection adorning the walls of the centre.

UOB will open two more wealth banking branches in the first quarter of 2012 – one in Katong, a residential district and the other in the bustling business hub of Tampines. The bank will further enhance its wealth banking service in several phases over the next 24 months.