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Gulf Business
5 days ago
- Business
- Gulf Business
Bridging Dubai and Singapore: A private banking mission in a changing world
Bank of Singapore's head of private banking for Europe and the Middle East, Ranjit Khanna. Late one May evening, the Burj Khalifa's LED façade burst into red and white. The world's tallest tower was celebrating 40 years of bilateral trade between Singapore and the UAE, its pin-sharp stripes forming the flag of the Lion City. From an apartment a few streets away, Ranjit Khanna – head of private banking for Bank of Singapore in the Middle East and Europe – watched, phone in hand, capturing the moment. It was, he says, 'so wonderful' to see the city he now calls home illuminate the country that shaped his career. The flash of colour is a neat metaphor for Khanna himself: a banker whose roots stretch from high-school days in Dubai to three decades on the trading floors of Singapore, London and New York – and whose mission today is to fuse Asian expertise with Gulf ambition. Khanna's biography reads like a map of the modern private-wealth industry. Born to a banker father who was posted around the region, he finished school in Dubai, started university at the American University in Cairo, then crossed the Atlantic to begin his career with American Express Bank in 1990. Four years later he was back in the UAE as a relationship manager for Standard Chartered; by 2010 he was leading Coutts' Southeast Asia franchise out of Singapore. In 2023, the call came to return once more to Dubai – this time to anchor Bank of Singapore's push across the Middle East and Europe. Today, he leads a team of around 140 people, a figure that he says 'has grown headcount almost threefold in the last four or five years'. Much of that expansion has been on the front line: last year alone the DIFC branch increased its private-banker ranks by over 20 per cent, while simultaneously beefing up product and advisory benches. The client base is diverse but focused, serving three core segments: Global South Asia (including Indian and Pakistani entrepreneurs based in Dubai), GCC high-net-worth families, and international expats from the UK, Europe and increasingly, China. 'This region has long-standing cultural and economic ties to South Asia,' says Khanna. 'Many of our clients or their families have been part of the entrepreneurial fabric of the UAE for generations. That affinity, combined with Dubai's openness and strategic location, makes it a natural centre for private wealth.' He compares the regional trading culture with Singapore's own development, where merchants from Fujian, especially those from the Hokkien-speaking south, helped shape a nation. The power of a three-hub model Bank of Singapore's own evolution mirrors that same cross-cultural dynamic. Its parent, Oversea-Chinese Banking Corporation (OCBC), is 'the oldest Singaporean bank' – founded more than 90 years ago to serve overseas Chinese merchants across Southeast Asia. In 2010, OCBC acquired the Asian and Middle East franchise of ING Private Bank, and formed a fully fledged, stand-alone private bank under the name, Bank of Singapore. Khanna sums it up crisply: 'We are the only independent global Asian private bank.' The Dubai office continues to expand on the deep client roots built from the bank's ING Asia heritage. Under CEO Jason Moo – appointed March 2023 from a Swiss rival – Bank of Singapore now operates a three-hub model. Hong Kong covers Greater China; Singapore leads ASEAN; and Dubai oversees all business west of the Strait of Malacca, including offices in Luxembourg and London. Traditionally, institutions like Bank of Singapore would have run EMEA operations from Europe. Khanna explains that the bank deliberately reversed this: 'We believe the Middle East has a much more important role to play.' This shift reflects Dubai's growing global influence, not just as a financial centre but as a magnet for wealth and talent. Indeed, the DIFC hub now accounts for a significant share of Bank of Singapore's global business, with ambitions to grow that further in line with the emirate's D33 vision. 'For simplicity's sake, my title is head of Middle East and Europe, ,' Khanna says. 'But really, anything west of Singapore comes under the Dubai hub.' That ambition comes at a time when private wealth dynamics are shifting. After a post-pandemic boom in asset prices, 2022 brought a correction: global wealth shrank by 4 per cent. Yet the UAE saw wealth grow by 8 per cent. 'That is on the back of really positive government federal policies, as well as investments in business and communities… and the sheer generation of wealth,' says Khanna. What's more, Dubai is now home to the world's second-largest millionaire migration after Singapore, according to the likes of Henley & Partners. 'In many ways, the UAE in particular has been a beneficiary of the largest millionaire migration in the world, rivalled only by Singapore. So for us, we are in the two of the best markets.' Building resilience, not just returns As expectations rise, so too does the need for deeper insight. 'Clients in the Middle East have become far more engaged and discerning, and they are looking for advisors who can deliver not only performance but also perspective — clarity amid volatility,' says Khanna. Bank of Singapore's answer has been to invest heavily in advisory strength and insight generation. 'To help clients navigate uncertain times, we are committed to building intellectual capital, bringing together leading minds and encouraging diversity of thought,' he says. The bank established its CIO Global Advisory Council in 2024 to support this effort. Bank of Singapore released the inaugural CIO Supertrends Report, and has continued to refine it with updates in 2025. 'The idea is to look at things from a five-year horizon rather than the immediate here and now,' Khanna notes. In February 2025, Bank of Singapore held its CIO Summit in Dubai, where thought leaders discussed strategy in a multi-polar world. This year will also see the launch of a new global asset allocation framework, which Khanna calls a major milestone. 'We employed a rigorous process to review over 60,000 portfolios, putting each portfolio through more than 24,000 stress tests… more than 1.4 billion stress tests conducted in total across eight months,' he says. 'We construct portfolios to perform reasonably well across a range of plausible scenarios, even if the forecasts of individual asset classes do not meet expectations.' The bank's diversification strategy spans equity styles, fixed income and alternatives. 'Diversification today goes beyond geography and asset class,' Khanna says. 'We are regularly discussing low volatility and high-quality equity strategies… Fixed Income at these yield levels and with rate cuts priced across key Developed Markets remains an important component… alternatives provide diversification benefits with less directional exposure to both equity and credit markets as well as inflation hedging characteristics.' Guiding families through generational transitions While investment performance is essential, legacy planning is just as critical for many families. 'We see increasing interest and awareness among our ultra-high-net-worth clients and families in relation to generational wealth transfer,' Khanna says. Bank of Singapore's Financial Intermediaries, Family Office and Wealth Advisory (FFWA) unit works directly with families to structure wealth transitions. 'They want to start this conversation early, and they are looking for suitable tools and wealth protection solutions,' he says. 'An equally important role of a private bank in supporting clients in their succession and legacy journey is fostering conversations among family members to align values, vision, and responsibilities,' Khanna adds. 'It is not just about the transfer of the financial capital but also about the human, social and cultural capital that is intrinsic to maintaining the family legacy.' The bank also advises families on philanthropy, multi-family office structures, and governance models depending on complexity and scale. A bridge between capital flows Looking ahead, the growth corridors between the Gulf and Asia will only deepen. 'Our clients in the Middle East are increasingly looking East,' says Khanna. 'The core of our investment team is based in Asia… this facilitates on-the-ground research and networks helping us identify long-term opportunities that align with our clients' return and risk appetite.' That value is matched by Singapore's status as a trusted booking centre. 'Singapore offers a powerful trifecta: political stability, robust regulation, and global connectivity. It is a neutral and trusted gateway to Asia: ideal for asset diversification and international wealth structuring.' 'We do not just carry the 'Singapore' name; we embody the 'Singapore' identity, reflecting the reliability that our clients seek,' Khanna says. At a time when the Middle East and Asia are becoming the two dominant centres of new wealth creation, Bank of Singapore's footprint and focus feel prescient. 'We are Asia's global private bank – Asian in values, global in capabilities and perspectives.' That blend of cultural alignment, institutional rigour, and global insight is what brought Khanna back to Dubai in the first place. 'For me to be successful, what do I want? I want a great brand – box checked. I want a great platform – box checked. I want to make sure I'm working with an institution that's got the right balance sheet so that we can help our clients – box checked.' Success, he insists, is not about league tables. 'If you look at the number of people we employ in the private bank, we're the third largest in the DIFC,' he says. 'What matters is when clients think about a private bank, they want to engage, we're top of mind.' As the lights of the Burj Khalifa glow once more this year – maybe next time to mark a new milestone for the bank itself – it's clear that the relationship between Singapore and Dubai is more than symbolic. It's strategic.
Gulf Business
21-03-2025
- Business
- Gulf Business
Navigating super trends: Bank of Singapore's Ranjit Khanna on AI, geopolitics and Asia's rise
Image: Supplied In an exclusive interview, Ranjit Khanna, head of Private Banking, Europe and Middle East and chief executive, CIO Summit: 2025 Supertrends held recently in Dubai. He discusses how shifting geopolitical landscapes, rapid technological advancements like AI, and the urgent need for sustainable investing are reshaping investment strategies for high-net-worth individuals and institutional investors. Khanna also offers insights into Asia's burgeoning opportunities and the evolving role of private banking in a complex global economy. What are the key themes and insights from the recent CI O Summit: 2025 Supertrends , and how do they reflect the shifting global economic landscape? How are factors such as geopolitics, macroeconomic policies, and technological innovations shaping investment strategies for high-net-worth individuals and institutional investors? The five key themes are – the changing world order, activating asset allocation, finding artificial intelligence in real life, powering ahead and living 2.0. These are themes related to geopolitics, macroeconomic policy, investment, technology, and environmental and social dilemmas of our time. These 'Supertrends' will be the foundation to the way we construct portfolios and evaluate investments across asset classes, geographies and sectors. With ongoing geopolitical tensions, de-globalisation trends, and central bank policy shifts, how is the Bank of Singapore advising clients on asset allocation in 2025? How do you view the future of the US dollar as a reserve currency, and what investment opportunities are emerging in Asia's key markets, including China, India, and Southeast Asia? The fragmented world investors face after the shocks of the pandemic, the crises in Ukraine and the Middle East, and the US-China rivalry is likely to fracture even more under the second Trump term. Tax cuts, steep tariffs, tight immigration and easier regulation – these are already happening. Inflation is set to prevail. However, despite near-term uncertainties, we believe that the global growth and earnings outlook appear broadly resilience, which underpins an overall risk-on stance in our tactical asset allocation strategy. We hold an overall 'Overweight' stance in equities, expressed through Overweight positions in US and Asia ex-Japan equities, and Neutral positions in Europe and Japan. We adopt an overall 'Underweight' stance in fixed income, with 'Neutral' positions in DM High Yield (HY), Emerging Markets (EM) IG and EM HY bonds, and Underweight positions in USTs and DM IG bonds. We believe the rally in Hong Kong and China is broadly durable and has more legs. Although China's economic outlook remains weak, there are nascent signs that the situation may have bottomed out. In the real estate market, the magnitude of price declines has eased in recent months, while total sales value has also turned a corner. In addition, consumer confidence, which has been subdued over the past year, appears to be stabilising. We see opportunities in promising emerging markets, such as India and Indonesia, due to their expanding middle class and global friendshoring trends. Lastly, our view that gold prices could rise even with a strong USD in 2025 remains on track. Gold continues to defy the negative pull during bouts of USD strength and higher US real rates, extending a theme that has increasingly become evident in the last few years. We continue to see gold as an effective portfolio hedge and diversifier. Artificial intelligence is transforming industries worldwide, but how is it specifically reshaping the financial sector? What are the biggest AI-driven investment opportunities in wealth management, and what risks should investors be mindful of when integrating AI into their portfolios? We see AI uses cases focusing on broad internal employee productivity, revenue opportunities via customer facing applications as well as customer experience and engagement. When incorporating AI-related securities in portfolios, we believe it is important to be nimble in the face of various risks, such as chip export restrictions, cyclicality in aspects of businesses, monetisation strategies, and execution capabilities by management teams. Sustainability and energy transition continue to be dominant themes in global investing. How is the Bank of Singapore incorporating ESG principles into investment strategies, and what role do Asia's markets play in the clean energy transition, given rising energy prices and supply chain disruptions? We view ESG considerations to be crucial for investors, especially for those with a long-term perspective. Integrating ESG factors into investment decision-making can help identify risks and opportunities that traditional financial analysis may overlook, potentially enhancing portfolio resilience in the long run. Aligning investment outcomes with one's values to do good for the society and environment can also enable the betterment of our world. To help clients understand how ESG factors impact their investment portfolios, we have published research content extensively on ESG topics in recent years. Since 2020, we partnered MSCI ESG research to include an MSCI ESG rating in all in-house company research reports. Our research analysts also factor in ESG considerations and commentary in their reports, taking into account sustainability risks and opportunities. The global clean energy race is intensifying, with China and the European Union making significant advancements in renewable technologies. The US may strategically concentrate its efforts on sectors where it can still lead or catch up, ensuring that investments yield tangible benefits for the economy and energy security. This might involve fostering public-private partnerships that leverage innovation while also addressing the immediate needs of the workforce and industry. In Asia, countries like Indonesia offer an opportunity as one of the world's largest carbon sinks. The country also boasts a rich reservoir of rare earth and minerals required in technological advancements. New investment opportunities are also emerging as Chinese companies leading in the energy transition are setting up more manufacturing facilities and infrastructure in other parts of Asia. As demographic shifts, technological advancements, and healthcare innovations redefine industries, what are the most promising sectors for long-term investors? How are longevity-focused investments, biotech, and digital transformation influencing portfolio strategies in an era of rapid change? While aging is a major structural trend influencing the outcomes for economy and markets, there are ample mechanisms for the economy to adjust to the challenges via mindset shifts, policy changes and targeted investing. As working age populations shrink, competition for skilled talent will intensify, spurring investment in automation and productivity-enhancing technologies. While the world will see a greater need for static robots, more exciting growth will come from the combination of AI and robotics, for we are now entering a new era in which AI-robots and humanoids will be moving all around us. In addition, declining populations have the potential to drive the need for re-skilling in the face of labour shortages, along with the rise of automation. This requires the technical expertise for jobs to evolve. Indeed, training, re-skilling and retaining talent is key to human capital strategy, and companies are noting the growing skills gap across industries which are hindering growth and advancement in their sectors. As such, companies exposed to education, reskilling, retention and recruiting industries are likely to see greater demand for their services. Staffing and recruiting companies may benefit from helping firms navigate human capital gaps, while also helping to provide re-skilling services. Given market volatilities and evolving risk factors, how should investors approach wealth preservation and growth in 2025? What are the key challenges and opportunities for private banking and wealth management firms in the coming years, particularly in Asia? Markets are increasingly complex and challenging, making it essential for investors to ensure their portfolios remain resilient amid fluctuating macroeconomic conditions. Investors must be agile in exploring a range of solutions. At Bank of Singapore, we help clients evaluate these solutions to optimise risk and returns to achieve their wealth objectives. This means creating portfolios around their needs; with sufficient diversification through the wide array of investment products and solutions that we have available. One of the central problems facing private wealth management in Asia and the Middle East has been the focus on short-term targets. As an industry, we have focused on short term growth as some private banks have been transaction-driven rather than adopt a sustainable strategy. We need to raise the bar as an industry and move from transaction-led to more asset allocation based to ensure proper risk-based diversification in portfolios. Private banks are also face shifting client demographics and needs, and existing challenges around operations, technology, and talent management. Clients are now looking for something extra from the private banks — guidance and direction on investments, family, philanthropy, retirement, succession and estate planning. It is less transaction focused and more sophisticated financial planning. Having the right infrastructure, range of solutions and people has hence become essential for private banks to succeed. Particularly for Asia, where wealth has grown exponentially in the last couple of decades, this is Asia's time in the limelight as a region of investment and business opportunities, especially so given recent macroeconomic and geopolitical developments. As one of Asia's key gateway cities, Singapore has also grown into a very strong, leading global wealth management and business hub with a reputation for transparency and upholding the rule of law. As a result, Singapore banks with their strong credit ratings have drawn strong interest from investors around the world. There is an opportunity here for us to take Bank of Singapore, a home-grown full-fledged private bank, to a larger, more global scale given Singapore's rise on the global stage. Coupled with our three hubs in the leading global wealth hubs of Watch:
