The Bank of the Philippine Islands ( BPI ) has expanded its regional footprint with the opening of a wealth management office in Singapore.
BPI Wealth Singapore, a wholly owned subsidiary, marks a key milestone for the Philippines’ first lender, as it deepens its presence in one of Asia’s most competitive financial centres, while also extending its wealth management capabilities to a broader regional and global clientele.
Christmas Sevilla has been appointed as chief executive officer of BPI Wealth Singapore.
“As the first bank in the Philippines and the oldest in Southeast Asia, BPI’s nearly 175 years of history have been built on trust and stewardship. This new office is a bridge – connecting the Philippines and Singapore, our clients to global markets, and our heritage to the future,” says BPI president and CEO Jose Teodoro Limcaoco.
Also at the launch were BPI chairman Jaime Augusto Zobel de Ayala, BPI Wealth president and CEO Maria Theresa Marcial, Philippine ambassador Medardo Macaraig, Monetary Authority of Singapore executive director Phua Wee Ling, Wealth Management Institute chairman Lim Chow Kiat, and BPI Wealth Singapore board director Janet Guat Har Ang.
Where the action is
Zobel de Ayala says the expansion underscores BPI’s commitment to staying present in a country where regional wealth creation is evolving fastest. “Singapore is where next-generation wealth conversations are happening. To serve our clients well, and to serve them for generations, we must be present in this ecosystem. By being here, we reinforce our ability to connect the Philippines to the region and to the world,” he adds.
Marcial previously told The Asset that the headcount of the Singapore office will start with about 10 to 12 people in its first year of operations, but will leverage the strength of BPI Wealth in the Philippines, with operations to be processed out of Manila.
Initially, BPI Wealth Singapore will offer its clients global discretionary and advisory portfolio management services, Marcial says, adding that these products will provide Singaporean clients with access “to practically all key markets in the world”Marcial also says BPI Wealth Singapore wants to tap multinational companies, particularly those that the firm already serves in the Philippines.
BPI Wealth says the establishment of a Singapore office is the next step in the asset manager’s broader ambition “to grow alongside the bank’s increasingly international client base”.
In addition to catering to Filipinos who are looking to diversify their investments outside the Philippines, BPI Wealth Singapore will also serve regional investors seeking exposure to diversified global opportunities, while maintaining access to BPI’s network.
Marcial says the expansion embodies how a heritage institution such as BPI can evolve to meet modern wealth demands, while preserving its values.