Bank of Singapore gets nod to open Luxembourg unit

OCBC's private banking arm has been granted a licence to operate a wealth management subsidiary in Luxembourg.

A new unit set up by Bank of Singapore will be able to offer services to its wealthy clients in the European Economic Area (EEA) and in Britain, the bank said.

The EEA comprises the European Union countries as well as Iceland, Liechtenstein and Norway.

Bank of Singapore now serves its European clients from Singapore and through OCBC's London office. It yesterday said its foray into Luxembourg is timely given the substantial rise in the number of wealthy people in the region.

The Luxembourg business will be helmed by Mr Anthony Simcic, who will report directly to Mr Olivier Denis, Bank of Singapore's global market head for Singapore, Malaysia and international.

Mr Simcic, who has 18 years of financial services experience, was most recently head of private banking for HSBC Private Bank in Luxembourg.

The new subsidiary is slated to start operating in the third quarter.

Bank of Singapore chief executive Bahren Shaari said: "Since the global financial crisis of 2008, European high-net-worth individuals and family offices have shown increasing interest in Asia, and especially in Singapore, as an alternative wealth hub."

With more than €4 trillion (S$6.4 trillion) in assets under management, Luxembourg is the largest investment fund centre in Europe, second only to the United States worldwide.

A version of this article appeared in the print edition of The Straits Times on July 17, 2018, with the headline 'Bank of Singapore gets nod to open Luxembourg unit'. Print Edition | Subscribe