Bank of Singapore launches Luxembourg wealth management arm to serve clients in Europe
Bank of Singapore, the dedicated private banking subsidiary of OCBC Bank, which is the second largest financial services group in Southeast Asia by assets, has received a license to operate a wealth management subsidiary in Luxembourg. It is the first time a Singaporean bank sets up shop in the country.
Currently, Bank of Singapore serves its European clients from its Singapore headquarters and through its parent company OCBC Bank's London office. The new subsidiary will enable Bank of Singapore to provide a comprehensive range of banking and investment advisory services to its UHNW and HNW clients in Europe, which has seen robust growth.
Chief Executive Officer of Bank of Singapore, Mr Bahren Shaari, said in a press statement today: "The establishment of BOS Wealth Management Europe S.A. in Luxembourg highlights our commitment to better serving high net worth individuals and family offices in the region. We are confident of replicating our successful business model -- which is flourishing in Hong Kong and Dubai -- so that it supports the growing affluence and rising economic activities in the European Economic Area." The bank also pointed out that Luxembourg, which sits strategically in the heart of Western Europe, is consistently ranked among the top three financial centres in the European Union.
The go-ahead to operate a wealth management subsidiary in Luxembourg comes at an opportune time as Europe saw a substantial increase in the number of HNWIs and wealth in 2016, based on the 2017 Capgemini World Wealth report.
Formed in 1932, OCBC Bank is the longest established Singapore Bank.