Against the tide: Bank of Singapore’s European adventure
Bank of Singapore reports positive first year of operations for Luxembourg subsidiary.
There is no shortage of European private banks hitching their futures to Asia. But it has largely been a one-way street: most Asian banks find there is plenty to occupy them at home without pitching Europe for new work.
But Bank of Singapore chief executive Bahren Shaari tells Euromoney that the private bank saw double digit year-on-year growth out of Europe in the year to June 30, 2020.
Despite Covid-19 and a deeply entrenched competitive environment, it appears that traditional European markets, with their multi-generational history of wealth, can still provide growth for businesses headquartered in places with much greater momentum at home.
People are global citizens. You cannot just focus on Asian asset classes
BOS Wealth Management Europe was formally launched in April 2019, established in Luxembourg with a branch in the UK. It is a subsidiary of Bank of Singapore, which in turn is a subsidiary of OCBC. The setting-up of the Luxembourg business followed a long-standing engagement with London that pre-dated the establishment of Bank of Singapore in 2010, when OCBC bought ING Asia Private Bank.