Bank of Singapore is the First Singapore Private Bank to Receive Regulatory Approval to Open a Wealth Management Subsidiary in Luxembourg
Bank of Singapore today announced that it has been granted an investment company licence to operate a wealth management subsidiary in Luxembourg – a first for a Singapore private bank.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180716005252/en/
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) countries and Iceland, Liechtenstein and Norway.
Currently, Bank of Singapore serves its European clients from its Singapore headquarters and through its parent company OCBC Bank’s London office. There has been robust growth in assets under management from EEA clients as they hold Singapore in high regard as a premier financial hub in Asia with its sound economic and political stability, and its access to global and regional financial markets.
The Luxembourg-based business will be headed by Mr Anthony Adriano Simcic (left), who will report directly to Mr 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.
With BOS Wealth Management Europe S.A. set to begin operations in the third quarter of this year with an official opening in the second quarter of next year, Bank of Singapore is poised to bring its European business to the next level and improve the bank’s coverage of the Independent Asset Manager (IAM) segment in Europe, given that the concept of IAM is commonplace in Europe.
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.
The number of HNWIs in Europe rose by 7.7 % to 4.5 million – outpacing the 7.4 % increase recorded for the Asia-Pacific. In terms of high net worth individual (HNWI) wealth, Europe registered the third highest growth (8.2 %) by region. This was on par with the Asia-Pacific region and just behind Latin America and Africa.
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.”
“The establishment of BOS Wealth Management Europe S.A. in Luxembourg highlights our commitment to better serving high net worth individuals and family offices in the region. 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.”
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.
With more than €4 trillion in assets under management, it is the largest investment fund centre in Europe and the second largest in the world, behind only the United States. With Luxembourg investment funds offered in more than 70 countries worldwide, it is also the largest global distribution centre for investment funds.
For all updates on Bank of Singapore, follow @bankofSG on twitter and “follow” linkedin.com/bankofsingapore on LinkedIn.
About Bank of Singapore
Bank of Singapore is the dedicated private banking subsidiary of OCBC Bank. It has a strong Aa1 credit rating from Moody’s and offers a unique value proposition as a safe Singapore-registered private bank.
It operates on an open-architecture product platform and has strong research capabilities, especially in emerging market research, to help its clients make the right decisions for fixed income, equities and money market investments as well as portfolio management, trust and insurance services. Over the years, it has built Managed Investments capabilities and premium trust and advisory services, supported by one of the largest research teams in Asia.
Beyond private banking services, clients of Bank of Singapore have access to personal and business banking services, as well as investment opportunities offered by OCBC Bank or its subsidiaries.
It is able to leverage OCBC Bank’s commercial banking capabilities to extend its clients a broad array of consumer and corporate banking, corporate finance and treasury services across the OCBC Bank’s regional and international network.
Bank of Singapore serves high net worth individuals and wealthy families in its key markets of Southeast Asia, Greater China, Philippines, India Sub-Continent and other International markets. Headquartered in Singapore, Bank of Singapore has branches in Hong Kong and Dubai International Financial Centre, with representative offices in Manila and Dubai.
Its strong performance has won it numerous industry recognitions. In 2017, Bank of Singapore was named the Best Private Bank in Singapore (for the sixth time) by Asian Private Banker and Best Private Bank for entrepreneurs in Asia-Pacific by Global Finance. It was also named the Outstanding Private Bank in South East Asia for three years (2014, 2016 and 2017) by Private Banker International.
For more information, please visit www.bankofsingapore.com
About 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. Recognised for its financial strength and stability, OCBC Bank is consistently ranked among the World’s Top 50 Safest Banks by Global Finance and has been named Best Managed Bank in Singapore by The Asian Banker.
OCBC Bank and its subsidiaries offer a broad array of commercial banking, specialist financial and wealth management services, ranging from consumer, corporate, investment, private and transaction banking to treasury, insurance, asset management and stockbroking services.
OCBC Bank’s key markets are Singapore, Malaysia, Indonesia and Greater China. It has more than 590 branches and representative offices in 18 countries and regions. These include over 320 branches and offices in Indonesia under subsidiary Bank OCBC NISP, and more than 100 branches and offices in Hong Kong, China and Macao under OCBC Wing Hang.
OCBC Bank’s private banking services are provided by its wholly-owned subsidiary Bank of Singapore, which operates on a unique open-architecture product platform to source for the best-in-class products to meet its clients’ goals.
OCBC Bank's insurance subsidiary, Great Eastern Holdings, is the oldest and most established life insurance group in Singapore and Malaysia. Its asset management subsidiary, Lion Global Investors, is one of the largest private sector asset management companies in Southeast Asia.
For more information, please visit www.ocbc.com
BOS Wealth Management Europe S.A.
Sandrina Oliveira, Tel: (352) 28 57 32 4003
Om Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Følg saker fra Business Wire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Business Wire
Thales and Gemalto are granted regulatory clearance by the European Commission11.12.2018 17:01 | Pressemelding
Regulatory News: Reference is made to the joint press release by Thales (Euronext Paris: HO) and Gemalto (Euronext Amsterdam and Paris: GTO) dated 27 March 2018 in relation to the launch of the recommended all-cash offer by Thales for all the issued and outstanding shares of Gemalto (the “Offer”), the publication of the Offer Document, and the joint press release of Thales and Gemalto dated 10 August 2018 in relation to the further extension of the Acceptance Period. Terms not defined in this press release will have the meaning as set forth in the Offer Document. Thales and Gemalto announce today that they have been granted merger control Regulatory Clearance by the European Commission, following Thales’s commitment to divest its general purpose hardware security modules (GP HSM) business globally1 to a suitable purchaser. This clearance is effective immediately. Together with the merger control clearances obtained in China, Israel, South Africa and Turkey, and clearances relating to f
Starr Insurance Companies Expands Aviation Insurance Operations to Brazil11.12.2018 15:43 | Pressemelding
Starr Insurance Companies today announced that Starr International Brasil Seguradora S.A. (“Starr Brazil”) has been granted a local license to offer aviation insurance. “We are thrilled to be adding aviation capability in an important, growing economy like Brazil,” stated Steve Blakey, president and chief executive officer for Starr Insurance Holdings, Inc. “As a worldwide leader in aviation insurance solutions, we are constantly seeking new opportunities and markets to meet the growing needs of the aviation and aerospace industry around the globe.” Fernanda Strachino, aviation specialist underwriter, has joined Starr Brazil to head the new aviation division. Fernanda brings more than 16 years’ of experience in the aviation and insurance market. Starr Brazil will offer a variety of aviation coverages, including: Aircraft Hull & Liability; Spare Parts; Third-Party Legal Liability; Corporate Non-Owned Aircraft Liability; General Liability; RETA Insurance (Mandatory Liability), Hangarkeep
Andersen Global Continues Growth in United Kingdom With Claritas Tax Limited11.12.2018 14:30 | Pressemelding
Today, Andersen Global expanded its reach in the United Kingdom with the addition of Claritas Tax Limited, a tax advisory and compliance services firm based in Birmingham, the second largest city in the country. Claritas is the fourth firm collaborating with Andersen Global in the UK. “Adding a sought-after firm like Claritas is not only a logical extension for Andersen Global, but it broadens our offering in the UK. Their practice focuses on corporation tax, R&D tax reliefs, mergers and acquisitions, private equity and venture capital in addition to serving individuals,” said Mark Vorsatz, Andersen Global Chairman and Andersen Tax LLC CEO. “Iain Wright and his team enhance our already robust core competences in the UK, a critical market for our clients, and we look forward to working with Claritas on a number of upcoming corporate opportunities.” Founded in 2012, Claritas Tax Limited is an advisory led business that provides a full range of tax advisory and compliance services to entr
Seoul Semiconductor Wins Patent Litigation against Everlight in Germany and Is Awarded Statutory Litigation Costs11.12.2018 14:00 | Pressemelding
Seoul Semiconductor Co., Ltd. (KOSDAQ:046890) (“Seoul”), a leading global innovator of LED products and technology, announced that it won a patent litigation against Everlight Electronics Co., Ltd. (“Everlight”) in Germany. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181211005233/en/ Seoul Semiconductor's Headquarters in Korea (Photo: Business Wire) The patent involved in this litigation relates to an LED package structure for thermal dissipation. Everlight purchased this patent from a U.S. company in 2017, and subsequently brought a patent lawsuit against Seoul in the Manheim Court of Germany. In December 2018, however, the Manheim Court ruled in favor of Seoul and ordered that Everlight, as the losing party, should bear the statutory costs of the court proceeding. In the United Kingdom, Seoul had already won a patent litigation against Everlight earlier this year. At that time, the UK Patent Court also ordered that Ever
Zodiac Appoints Derek Harrar CEO11.12.2018 14:00 | Pressemelding
Zodiac, a software vendor serving video service providers, announced today it has appointed Derek Harrar to serve as the Company’s Chief Executive Officer, effective immediately. Mr. Harrar has been on Zodiac’s board of directors since 2015, having being appointed at the time of One Equity Partners’ investment in the Company. “Derek’s considerable video industry operational and technology experience, rigorous execution and creativity are exactly what Zodiac needs for its next stage of growth, complementing the team we have put in place since our original investment,” said Andrew Dunn, Managing Director at One Equity Partners. Zodiac’s historic focus has been engineering software solutions for major video service providers in North America. This software experience, spanning a broad range of video technology permutations, is unique in the video distribution industry. More recently, Zodiac productized its carrier-grade cloud and client platform, enabling rapid and flexible deployment at
The O-RAN Alliance Announces New Board Members11.12.2018 14:00 | Pressemelding
The O-RAN Alliance announced today that Reliance Jio, TIM, and Verizon have joined the O-RAN board. “It’s encouraging to see the O-RAN Alliance off to such a strong start and gaining momentum as we welcome three new board members. It’s important that the wireless industry continues to come together to drive forward O-RAN’s goals for open networking, software, and virtualization in global wireless networks especially as 5G is closer than ever,” said Andre Fuetsch, Chairman of the O-RAN Alliance, President-AT&T Labs and CTO of AT&T. “This is a great opportunity for the Service Provider Industry as network, services and applications leverage cloud native platforms and the right time to fundamentally transform the RAN infrastructure and platforms. We look forward to working closely with the O-RAN Alliance in the acceleration and adoption of open, intelligent, and programmable RAN architectures that can clearly disrupt the building blocks of 5G and beyond,” said Mathew Oommen, President, Re