Raffles Financial Partners With Bank Of Montreal Private Bank Asia

Tom Burroughes

13 May 2020

A Singapore-based subsidiary of has teamed up with Bank of Montreal Private Bank Asia to find clients who need advice on how to run family trusts, custodian and private banking accounts.

The subsidiary, Raffles Financial Pte is regulated by the Monetary Authority of Singapore.

"We are delighted that Raffles Financial has established a relationship with BMO Private Bank to identify clients who need private banking, wealth planning and investment services," Monique Chan, chief executive, BMO PBA, said.

The pact gives an insight into how banks continue to work with local Asian organisations to build a market presence more rapidly than if they did so from the ground up. To take another example, in 2019 UK-listed Schroders entered a strategic agreement with Bank of Communications, the mainland Chinese bank, building on a link that goes back to 2005.

(The organisation is not to be confused with Asia-based Raffles Family Office, a separate entity.)

Through its Hong Kong and Singapore branches, BMO PBA provides ultra-high net worth clients with investment advisory services, discretionary investment management services, banking services and trust and family office solutions. BMO PBA recently won two awards for Best Wealth Planning Team and Best Wealth Manager Servicing Families from WealthBriefingAsia (Greater China Awards 2020).

"We believe that the BMO and Raffles synergy will provide clients with a comprehensive and customised suite of corporate finance, investment and private banking solutions to meet their diverse requirements," Dr Charlie In, chairman, Raffles Financial Group, said.

Raffles also said that its common shares have been approved for listing on the Canadian Securities Exchange. Trading opened on 11 May.

In April, Raffles completed a C$20 million ($14.27 million) private placement by selling 4 million shares to Ping An Securities, Citic Securities, China Securities, and Hai Tong Securities. Raffles Financial serves as advisor for family trusts, family offices and investment funds.