The Bank of Singapore (BOS) has recently received an investment company licence to operate a wealth management subsidiary in Luxembourg. And so, BOS will be the first Singaporean private bank to set up in the country.
The new subsidiary entitled BOS Wealth Management Europe Société Anonyme is expected to begin operations in the 3rd quarter of this year, with the official opening not till the 2nd quarter of 2019.
The subsidiary will enable the bank to provide a wide range of personalised private banking solutions and investment advisory services. These will be in order to serve its ultra-high and high net worth clients in the European Economic Area (EEA) and the United Kingdom (UK).
In addition, the subsidiary ran by the private banking arm of the local lender OCBC will be led by Mr Anthony Adriano Simcic, who previously was the head of private banking for the HSBC Private Bank in Luxembourg.
Due to the new base in Luxembourg, it should aid in boosting European business given how the Bank of Singapore deliver their services to their European clients from its headquarters in Singapore and through its parent company OCBC Bank’s office in London.