While the rest of the world is making a bid for the explosion in Asia’s private wealth, Bank of Singapore is reaching out to the more mature European market.
The Singapore-headquartered bank has hired Anthony Adriano Simcic as managing director for the international team, effective 12 March.
Simcic joins from HSBC, where his last held role was managing director, head of private banking in Luxembourg. He was promoted to the role in September 2016, having joined HSBC in 2005 and worked in various senior private banking positions in France and Luxembourg.
In the new role, he will cover the European Economic Area markets, which include the European Union countries, Iceland, Liechtenstein and Norway.
He will report to Olivier Denis, global market head for Singapore, Malaysia and International.
Commenting on the appointment, Denis said: ‘Since the global financial crisis in 2008, there has been rising interest among European HNWIs and family offices to consider an alternative wealth hub in Asia, especially Singapore.
‘Our ability to help them with their investments in Asia by extending a broad array of commercial banking capabilities across OCBC Bank’s regional and international network is an attractive value proposition for them to tap on.’
Bank of Singapore, which manages $99 billion in assets, also hired Eli Lee as head of investment strategy in January, following the departure of Hou Wey Fook.