Bank of Singapore is set to make an onshore presence in the heart of Western Europe.
The OCBC subsidiary has become the first Singapore private bank to be awarded an investment company licence to operate a wealth management subsidiary in Luxembourg.
The new business - BOS Wealth Management Europe Société Anonyme – will begin operations in the third quarter, and offer private banking solutions to ultra-HNW clients in the European Economic Area and the UK.
It will be led by the newly appointed Anthony Simcic (pictured) who joined in March as managing director for Bank of Singapore's international team.
He was previously head of private banking for HSBC Private Bank in Luxembourg.
Bank of Singapore currently serves its European clients from its Singapore headquarters and through OCBC's London office.
CEO Bahren Shaari said since the global financial crisis of 2008, European HNWIs and family offices have shown increasing interest in Asia, and especially in Singapore, as an alternative wealth hub
‘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 said.
With more than €4 trillion in assets under management, Luxembourg is one of the top three financial centres in the European Union.
Bank of Singapore’s new venture comes at an opportune time when the number of HNWIs in Europe is also on the rise.
Data from a Capegemini report showed that HNWIs in Europe rose by 7.7% to 4.5 million – outpacing the 7.4% increase recorded by Asia-Pacific. What’s more, in terms of HNWI wealth, Europe registered the third highest growth (8.2%) by region.