As European private banks sell up and beat a retreat from Asia, the regions domestic wealth managers are in turn spreading their wings. Bank of Singapore expands its reach.
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum officially opened Bank of Singapore’s branch in the Dubai International Financial Centre (DIFC).
With the establishment of its DIFC office, Bank of Singapore, a subsidiary of OCBC Bank, seeks to usher in a new growth phase in its history in the Middle East. The branch is helmed by veteran banker Kirit Chauhan and supported by a team of 75 employees.
Close to 30 Years of Experience
Chauhan joined Bank of Singapore as the Market Head for Middle East, Sub-continent and Africa in 2014. He has close to 30 years of experience in banking and finance, and has held several senior positions including Managing Director of J.P. Morgan’s India offshore team and Standard Chartered Bank’s Head of Origination and Client Coverage in Qatar.
Chauhan reports to Derrick Tan, Bank of Singapore’s Global Market Head for Malaysia, Brunei, Japan, Sub-Continent and Middle East.
Strong Growth in the Middle East
Bank of Singapore says it has doubled its assets under management and has grown its net new money by almost five times in the last three years in the Middle East.
Bank of Singapore’s presence in the Middle East goes back over 20 years. It opened its representative office in Dubai in 1996, before the DIFC was set up in 2004.
«The setting up of this branch in DIFC further strengthens our franchise and commitment to serve the burgeoning population of ultra-high and high-net worth individuals in this region,» said Bahren Shaari, (pictured) Bank of Singapore Chief Executive Officer,
The DIFC is the financial hub for the Middle East, Africa and South Asia, providing a world-class platform connecting the region’s markets with the economies of Europe, Asia and the Americas.
Strategic Agreement
Just recently Bank of Singapore announced a strategic agreement with leading Swiss bank, Vontobel, to be the first Singapore private bank to enable its clients to book their assets in Switzerland.
