Major Brunei Bank Opens Rep Office In Singapore
Brunei’s largest conventional bank has opened a new representative office in Singapore to cater to interest in opportunities within the Southeast Asian nation.
Baiduri Bank has opened a representative office in Singapore, according to a statement. In a strategic move to strengthen the lender’s regional presence, the office will serve as a touchpoint to facilitate conversations with potential investors and explore new opportunities linked to Brunei.
Young Yi has been appointed as chief representative officer. He has 25 years of corporate banking experience, having previously worked at Deutsche Bank, HSBC, Societe Generale, ANZ and Westpac.
«Compelling Value Proposition»
According to Baiduri Bank, Brunei has a «compelling value proposition» for businesses. The bank cited a stable operating environment, strong governance and attractive tax schemes. The Southeast nation of 460,000 people also has tariff-free economic access, a well-educated workforce, no capital controls and 1:1 currency interchangeability with the Singapore dollar.
«With our deep local knowledge of the Bruneian market, we offer ourselves as a trusted advisor to companies based in Singapore looking to invest in Brunei. The Representative Office will also serve as a referral conduit to our banking partners for Bruneian companies looking to expand into Singapore and the region,» Young said.
Established in 1994, Baiduri Bank is Brunei Darussalam's largest conventional bank, in contrast to Islamic banks or lenders that use alternative modes of financing. The Baiduri Bank Group comprises Baiduri Bank, Baiduri Finance and Baiduri Capital with Baiduri Holdings and Darussalam Assets as its major shareholders.
