(Mar 16): Bank of Singapore, the private bank of Oversea-Chinese Banking Corp., is looking to expand its family office business as the city-state rolls out the red carpet for wealthy investors.

“We are seeing increasing demand for families moving into the next generation to set a proper structure in place to manage family wealth,” Chief Executive Officer Bahren Shaari said in an interview Thursday. “Singapore is promoting that, to let families use it as a base to manage their investment activities globally.”

Bank of Singapore’s expansion will heighten competition with European firms like UBS Group AG and Credit Suisse Group AG, who’ve long dominated this space. Singapore family offices had average assets under management of US$857 million ($1.13 billion) in 2017, nearly double the Asia-Pacific average of US$445 million, according to a survey of 262 such offices in a UBS/Campden report.

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