The bank currently has 29 wealth management offices in Singapore, and plans to boost this to 64 by 2015. The bank’s expansion programme also includes the creation of a new offering for its wealthier clients. Under the reshuffle of its wealth management services, clients with over S$2 million in investable assets will come under UOB’s Privilege Reserve offering, while the qualifying investable assets threshold for Privilege Banking clients will be increased from S$200,000 to S$350,000.

In light of the growing affluence in Singapore the bank saw fit to elevate its product proposition for HNW individuals, said Eddie Khoo, managing director of UOB’s personal financial services and private banking group.

From 2008 to 2009, the number of HNW individuals (those with at least $1 million in investable assets) in Singapore and the Asia-Pacific region grew by 33 per cent and 26 per cent respectively, according to Merrill Lynch/Capgemini research. Additionally, between 2008 and 2013 Asia-Pacific assets under management are expected to rise at an annual rate of 9.5 per cent, boosting the region’s share of global wealth from 12 per cent to 16 per cent.

UOB also intends to offer its Privilege Reserve clients a fuller suite of products; as well as investment management, such clients will also be offered advisory and legacy planning services.