Bank of Singapore, through this new subsidiary, BOS Wealth Management Europe Société Anonyme (S.A.), will be able to offer a comprehensive range of customised private banking solutions and investment advisory services to its ultra-high and high net worth clients in the European Economic Area (EEA) and the United Kingdom (UK) - the EEA comprises the European Union (EU) Member states and Iceland, Liechtenstein and Norway.
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.
Mr Simcic, who has 18 years of banking experience, was previously Head of Private Banking for HSBC Private Bank in Luxembourg.
The go-ahead to operate a wealth management subsidiary in Luxembourg comes at an opportune time as Europe saw a substantial increase in the number of HNWIs and wealth in 2016, based on the 2017 Capgemini World Wealth report.
Chief Executive Officer of Bank of Singapore, Mr Bahren Shaari, said, “Since the global financial crisis of 2008, European high net worth individuals and family offices have shown increasing interest in Asia, and especially in Singapore, as an alternative wealth hub. As a Singapore headquartered private bank with deep knowledge of and extensive insights into Asia, Bank of Singapore has been a natural choice for them. 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, on top of best-in-class private banking solutions – makes for an attractive value proposition.”
Luxembourg, which sits strategically in the heart of Western Europe, is consistently ranked among the top three financial centres in the European Union in the Global Financial Centres Index published by market intelligence firm Z/Yen.
Bank of Singapore is the dedicated private banking subsidiary of OCBC Bank. OCBC Bank is the longest established Singapore bank, formed in 1932 from the merger of three local banks, the oldest of which was founded in 1912. It is now the second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks, with an Aa1 rating from Moody’s.