Bank of Singapore is pushing into continental Europe. The move comes as the bank aggressively ramps up its activities outside of its home market.
Bank of Singapore has won an investment company license to operate a wealth management subsidiary in Luxembourg, the private bank said in a media statement on Monday.
The OCBC-owned wealth manager currently serves its European clients from its Singapore headquarters and through OCBC's London office. The new subsidiary, BOS Wealth Management Europe Société Anonyme, will begin operations in the third quarter of this year, with an official opening set for the second quarter of next year.
Aggressive Growth Plans
The Luxembourg-based business will be headed by Anthony Simcic, who joined the bank in March, as finews.asia reported. The plan is to offer private banking and investment advisory services to its ultra-high and high net worth clients in the European economic area from Luxembourg.
«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,» said Bahren Shaari chief executive officer of Bank of Singapore.
