OCBC subsidiary Bank of Singapore has set up private banking hubs in Luxembourg and London to nab its share of wealthy Europeans.
Bank of Singapore (BoS), the private banking arm of OCBC Bank, has set up wealth management offices in both Luxembourg and London. The move affords the bank greater ability to service these clients which were previously looked after either out of Singapore or through its' parent companies' London offices, the bank said.
Bank of Singapore Wealth Management Europe (BOSWM), as the new subsidiary is called, will be headquartered in Luxembourg and have a branch in London – 30 existing employees of the bank will be transferred into the newly formed unit which continues to be on the lookout for more.
Ex-HSBC Private Banker at the Helm
BoS chief Bahren Shaari said this week during the opening ceremony: «Europe has always been an integral part of our business.» Anthony Simcic, ex-managing director of HSBC Private Bank in Luxembourg, is the chief executive officer of BOSWM Europe. A French-Italian, he has 20 years of banking and asset management experience. He will report to Oliver Denis, Bank of Singapore's global market head for Singapore, Malaysia and International.
Liz Bottomley, previously head of private banking at boutique private bank Arbuthnot Latham and Coutts, is general manager of the U.K. branch and will report into Simcic.
