The Pictet Group announced on Thursday the appointment of veteran businessman and investor Mr Koh Boon Hwee as an independent board director of Bank Pictet & Cie (Asia) Ltd, the Swiss group's private bank in Singapore.

Mr Koh has held prominent positions with some of Singapore's leading companies during his career. He was chairman of DBS Bank from 2006 to 2010, chairman of Singapore Airlines from 2001 to 2005 and chairman of SingTel from 1986 to 2001.

In his role at Pictet, Mr Koh will advise and provide guidance for the wealth management team and its board as well as for the group's managing partners.

"The appointment of Koh Boon Hwee to the Board in Singapore is a significant milestone for the development of our business in Asia," Nicolas Pictet, managing partner of the Pictet Group, said in a press release. "His presence will offer invaluable insight to our wealth management business and help further strengthen our Asian offering."

Bank Pictet & Cie (Asia) Ltd has been operating in Singapore for nearly 20 years, securing a merchant bank licence in 2004. It is headed by Anuj Khanna, chief executive officer and head of South Asia, Pictet Wealth Management.

Across the region, Pictet Wealth Management has developed from 12 bankers in Hong Kong and Singapore in 2010 to 40 bankers today while Bank Pictet & Cie (Asia) Ltd employs more than 100 staff currently.