In a move to recalibrate its business strategy in Europe, the private banking arm of OCBC is closing its Luxembourg office to focus instead on London, finews.asia has learned.
Bank of Singapore (BoS) is shutting down its Luxembourg office, sources familiar with the matter told finews.asia, with 20 staff expected to be affected by the closure. The bank will continue to cover the UK market via its existing London office.
The Luxembourg office was originally positioned as the headquarters for Bank of Singapore’s European subsidiary, BOS Wealth Management Europe, which was launched in 2019. When contacted, a spokesperson for the bank confirmed the closure.
New Europe Strategy
«Following a strategic review, we will be winding down our operations in Luxembourg to focus on deepening our presence in the United Kingdom through our London office,» commented Ranjit Khanna, Bank of Singapore’s head of private banking Europe & Middle-East and chief executive, DIFC branch. «The United Kingdom is a strategic market for us and our parent company OCBC whose presence in London spans more than 50 years.»
In turn, Rob Woodthorpe Browne was recently appointed as general manager of the London office. He has 20 years of private banking and wealth management experience, most recently as head of key clients, entrepreneurs and private banking at SG Kleinwort Hambros. Previously, he also worked at Julius Baer and BNP Paribas.
