BOS Wealth Management Europe will offer private banking solutions and investment advisory services to the bank’s ultra-high and high net worth clients in the European Economic Area (EEA), which comprises European Union countries, Iceland, Liechtenstein and Norway.
Operations in Luxembourg are expected to begin in the third quarter of this year.
Currently, the Bank of Singapore serves its European clients from its Singapore headquarters and through the London office of its parent company, OCBC Bank.
The Luxembourg-based business will be headed by Anthony Adriano Simcic, who will report directly to Olivier Denis, Bank of Singapore’s global market head for Singapore, Malaysia and international.
Simcic joined the bank in March as a managing director within the bank’s international team to boost Bank of Singapore’s coverage in the EEA and UK.
“Since the global financial crisis of 2008, European high net worth individuals and family offices have shown interest in Asia, and especially in Singapore, as an alternative wealth hub,” Bahren Shaari, Bank of Singapore’s chief executive.
The bank’s opening in Luxembourg comes at a time when wealth is growing in Europe.
The region’s HNWI population grew 7.3% to 4.8 million in 2017, while wealth increased 7.8% to $15.9trn (£12trn, €13.6trn) during the same year, according to Capgemini’s world wealth report.
Bank of Singapore also has a presence in Hong Kong, the United Arab Emirates, as well as a representative office in the Philippines, according to the bank’s website.
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