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Bank of Singapore signs MOU with Sumitomo Mitsui Banking unit

Bank of Singapore Ltd. and SMBC Trust Bank Ltd. signed a partnership agreement under which the Singaporean private bank will help manage the wealth of the Japanese bank's high-net-worth clients outside of Japan.

The private banking unit of Oversea-Chinese Banking Corp. Ltd. said May 21 that it signed a memorandum of understanding with SMBC Trust Bank, which is a wholly owned unit of Sumitomo Mitsui Financial Group Inc.

Private wealth in Japan is expected to increase to US$16.2 trillion in 2021 from US$14.9 trillion in 2016, the release cited an estimate from Boston Consulting Group as saying.