Bank of Singapore, the dedicated private banking subsidiary of Singapore's second largest bank OCBC, looks set to expand its reach to the Middle East by early 2017.
Bank of Singapore has been granted a Category 4 licence to operate a branch in the Dubai International Financial Centre (DIFC), the bank said in a statement to finews.asia.
This will now allow Bank of Singapore to offer a comprehensive range of customised private banking solutions, including investments, credit and wealth planning advisory services, to its ultra-high and high net worth clients.
2017 Launch Planned
The official opening of the branch is scheduled to take place in the first quarter of 2017. Up until now the Bank of Singapore has anchored its presence in Dubai through its representative office based outside of the DIFC.
«The Middle East, specifically the United Arab Emirates, has always been an integral part of our business. With the establishment of a branch in the DIFC, Bank of Singapore is committed to scaling up our research and advisory capabilities, to better serve high net worth individuals in this region,» said Bahren Shaari, Bank of Singapore Chief Executive Officer.
