SINGAPORE - Bank of Singapore, the private banking unit of OCBC Bank, has opened a branch in the Dubai International Financial Centre (DIFC).
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, the Deputy Ruler of Dubai and president of Dubai International Financial Centre, officiated at the opening ceremony.
Bank of Singapore "seeks to usher in a new growth phase in its history in the Middle East" with the opening of this new office, it said in a statement.
"The Middle East, specifically the UAE, has always been an integral part of our business. The setting up of this branch in DIFC further strengthens our franchise and commitment to serve the burgeoning population of ultra-high and high-net worth individuals in this region," said Bank of Singapore chief executive Bahren Shaari.
The branch is helmed by veteran banker Kirit Chauhan and supported by a team of 75 employees.
Bank of Singapore's presence in the Middle East goes back over 20 years. It opened its representative office in Dubai in 1996, before the DIFC was set up in 2004.