Bank of Singapore is a Singapore-based private banking arm of OCBC Bank. Formerly known as ING Asia Private Bank, it was acquired by OCBC in 2009 from ING Group for US$1.46 billion. As at 31 December 2016, Bank of Singapore’s assets under management (AUM) was US$95 billion. Its core markets include Southeast Asia, Greater China and the Middle East, namely the Gulf Cooperation Countries. Bank of Singapore is rated Aa1 by Moody’s.