As global wealth shifts and expectations evolve, Bank of Singapore doubles down on Dubai, blending Asian heritage with Gulf ambition to lead its Middle East and European private banking strategy.
Late one warm May evening, the iconic Burj Khalifa lit up in bold red and white, proudly displaying the flag of Singapore in honor of 40 years of bilateral trade between the UAE and the Lion City. Watching from an apartment nearby, Ranjit Khanna — Head of Private Banking for Europe and the Middle East at Bank of Singapore — captured the moment on his phone. For Khanna, it wasn’t just a display of diplomatic goodwill, but a deeply personal moment that connected his past in Singapore with his present in Dubai.
That image — of two dynamic financial powerhouses connected by shared values and aspirations — mirrors Khanna’s own professional journey. A veteran of trading floors from Singapore to London to New York, Khanna now leads Bank of Singapore’s Middle East and European private banking operations from Dubai, a city he once called home as a high school student. Today, he’s driving the bank’s ambitious expansion in one of the world’s most rapidly evolving wealth corridors.
A Career Woven Across Continents
Khanna’s trajectory mirrors the rise of global private wealth itself. Born into a banking family that traversed the region, his academic path took him from the American University in Cairo to a banking career that began with American Express in 1990. By 1994, he was back in the UAE with Standard Chartered and went on to lead Coutts’ Southeast Asia business out of Singapore by 2010. In 2023, Bank of Singapore tapped him to return once again to Dubai—this time, not just to lead, but to transform the bank’s regional presence.
Now overseeing a team of around 140, Khanna has nearly tripled headcount in just five years. In 2024 alone, the Dubai International Financial Centre (DIFC) branch increased its private banker base by over 20%, all while strengthening product and advisory capabilities. The client base, while global, is anchored by three key segments: Global South Asia (notably Indian and Pakistani entrepreneurs based in Dubai), Gulf Cooperation Council (GCC) high-net-worth families, and international expats from the UK, Europe, and increasingly, China.
“Dubai’s openness, strategic location, and long-standing ties to South Asia make it a natural centre for private wealth,” Khanna explains, likening the UAE’s trading legacy to Singapore’s own heritage shaped by Fujianese merchants.
A Hub for the New Wealth Order
Under the leadership of CEO Jason Moo, Bank of Singapore has embraced a forward-looking three-hub model: Hong Kong for Greater China, Singapore for ASEAN, and Dubai for all business west of the Strait of Malacca — including Europe and offices in London and Luxembourg.
This repositioning reflects a strategic conviction: that the Middle East is not just a regional market but a global engine of wealth. “We believe the Middle East has a much more important role to play,” says Khanna. Today, the DIFC hub represents a significant slice of Bank of Singapore’s global portfolio, aligned with Dubai’s D33 vision to become one of the world’s top financial cities.
Recent data supports the strategy. While global wealth declined by 4% in 2022 following a pandemic-induced asset boom, the UAE saw an 8% increase — driven by robust economic policy and surging investment activity. Dubai is now the world’s second-largest destination for millionaire migration, trailing only Singapore.
“For us, we are in the two best markets globally,” Khanna remarks. “That positions us uniquely to serve clients who demand global sophistication with local understanding.”
Beyond Returns: Building Resilience and Insight
Today’s private banking clients demand more than strong returns — they seek clarity, insight, and stability. “Clients in the Middle East have become more discerning. They want advisors who offer perspective, not just products,” says Khanna.
Bank of Singapore has responded by investing in intellectual capital. In 2024, the bank launched its CIO Global Advisory Council and released its inaugural CIO Supertrends Report, a five-year forward-looking strategy updated in 2025. In February, the bank hosted its flagship CIO Summit in Dubai, where thought leaders explored strategies in a multipolar economic world.
This year, Bank of Singapore will roll out a new Global Asset Allocation Framework, a data-driven model developed after subjecting over 60,000 client portfolios to more than 1.4 billion stress tests. The aim? To construct resilient portfolios that can withstand volatility, even when asset class forecasts fall short.
“Diversification today goes beyond geography and asset class,” explains Khanna. “It includes low-volatility equity strategies, attractive fixed income yields, and alternative investments that hedge against both market direction and inflation.”
Planning for the Future: Guiding Wealth Across Generations
As wealth accumulates, so too does the responsibility of succession. “We’re seeing a significant rise in interest around generational wealth transfer,” says Khanna.
To meet this need, the bank’s Financial Intermediaries, Family Office, and Wealth Advisory (FFWA) division supports ultra-high-net-worth families in structuring long-term legacies. Services range from succession planning and governance models to philanthropic strategies and multi-family office frameworks.
“It’s not just about transferring financial capital,” Khanna emphasizes. “It’s also about preserving human, social, and cultural capital that binds generations together.”
By fostering open family conversations, the bank helps align values, vision, and responsibilities — a process that ensures continuity as well as cohesion.
A Private Bank Rooted in Purpose
At its core, Bank of Singapore is a modern financial institution with a legacy that bridges continents. A subsidiary of the 90-year-old Oversea-Chinese Banking Corporation (OCBC), its foundations lie in the entrepreneurial spirit of Southeast Asia’s merchant class. Since acquiring ING’s Asian private banking business in 2010, the bank has carved out a unique space as “the only independent global Asian private bank.”
From his vantage point in Dubai, Ranjit Khanna is steering that legacy into a new era—one defined by regional leadership, global insight, and an unwavering focus on the evolving needs of clients. As he sees it, the role of a private bank today is not simply to manage assets, but to build bridges — between markets, generations, and ambitions.
