The 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 Bank in 2009 from ING Group for US$1.46 billion.The bank was launched on 29 January 2010 by the acquisition of ING Asia Private Bank by OCBC Bank in 2009, as a result of ING's restructuring plan, following a government bailout of ING Group in 2008,[4] due to the financial crisis in the late 2000s.