Bank of Singapore has extended its wings in Europe as it has been granted an investment company license to operate a wealth management subsidiary in Luxembourg. It has become the first private bank of Singapore to be given such a license.
Making this announcement through a press release, the bank said, “Bank of Singapore, through this new subsidiary, BOS Wealth Management Europe Société Anonyme (S.A.), will be able to offer a comprehensive range of customised private banking solutions and investment advisory services to its ultra-high and high net worth clients in the European Economic Area (EEA) and the United Kingdom (UK). The EEA comprises the European Union (EU) countries and Iceland, Liechtenstein and Norway.”
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 begin operations in the third quarter of this year, with an official opening set for the second quarter of next year.
Anthony Simcic will head the Luxembourg-based new subsidiary and will report directly to Olivier Denis, Bank of Singapore’s Global Market Head for Singapore, Malaysia and International.
There has been a substantial increase in the number of high net worth individuals (HNWIs) in Europe and wealth in 2016, based on the 2017 Capegemini World Wealth report.
The number of HNWIs in Europe rose by 7.7 per cent to 4.5 million – outpacing the 7.4 per cent increase recorded for the Asia-Pacific. In terms of high net worth individual (HNWI) wealth, Europe registered the third highest growth (8.2 per cent) by region.
Bahren Shaari, chief executive officer of Bank of Singapore, said, “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,” he added.