The private banking arm of OCBC Bank has opened an office in Luxembourg to build up its client base in Europe.
A spokesperson told our sister publication Fund Selector Asia: “Prior to the setting up of Bank of Singapore Wealth Management (BOSWM) Europe, Bank of Singapore had been serving its European clients from its Singapore headquarters and through its parent company OCBC Bank’s London office.”
The bank already employs 30 people in Luxembourg and London and plans to continue hiring strategically.
BOSWM’s Luxembourg unit is headed up by Anthony Simcic, who was appointed chief executive in March 2018 after being poached from HSBC Private Bank.
He is responsible for the overall strategy, governance, commercial development and implementation of BOSWM’s activities in the European Economic Area (EEA) and the UK.
Simcic reports to Oliver Denis, BOS’s global market head for Singapore, Malaysia and International.
Additionally, Liz Bottomley was named general manager of BOSWM Europe’s branch in the UK Branch on 2 January 2019, having joined the London branch of OCBC two months earlier.
A 25-year industry veteran, she was previously head of private banking at Arbuthnot Latham, a London boutique.
She reports to Simcic.
Commitment to the market
Commenting on the launch, Bank of Singapore chief executive Bahren Shaari said: “This is an important milestone for Bank of Singapore. Europe has always been an integral part of our business.
“The setting up of BOSWM Europe in two leading financial hubs further deepens our commitment to serving the ultra-high and high net worth individuals in this region.”
The spokeswoman would not disclose the amount and breakdown of managed and advisory European wealth assets “for competitive reasons”.
BOS was created in 2010 following OCBC’s purchase of ING Asia Private Bank a year earlier in the wake of the global financial crisis.
In 2016, BOS bought the wealth and investment management business of Barclays in Singapore and Hong Kong, acquiring $13bn (£9.9bn, €11.6bn) of assets.
As at 31 December 2018, BOS’s total assets under management was $102bn, according to the bank’s website.
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