Bank of Singapore, the private banking arm of Southeast Asia’s second largest financial services group OCBC Bank, has officially launched its wealth management subsidiary, BOS Wealth Management Europe S.A. (BOSWM).
Heading the Luxembourg-headquartered subsidiary is Chief Executive Officer Anthony Adriano Simcic. Liz Bottomley is the General Manager of the UK branch of BOSWM, based in London, reporting to Simcic. BOSWM presently has 30 employees across its Luxembourg and London offices and plans to continue hiring.
BOSWM held the official opening of the business on April 1 in Luxembourg, officiated by the Finance Minister of Luxembourg Pierre Gramegna. Singapore’s High Commissioner to the UK Foo Chi Hsia attended the opening of BOSWM’s UK branch in London on April 2.
Samuel Tsien, the Group Executive Officer of Bank of Singapore’s parent company, OCBC Bank; Ching Wei Hong, Chief Operating Officer of OCBC Bank and Chairman of Bank of Singapore; and Bahren Shaari, Chief Executive Officer of Bank of Singapore; as well as 400 guests were present at both events.
Commenting on the official launch of BOSWM, Bank of Singapore Chief Executive Officer, Bahren Shaari, said, “This is an important milestone for Bank of Singapore. Europe has always been an integral part of our business. The setting up of BOS Wealth Management Europe in two leading financial hubs further deepens our commitment to serving the ultra-high and high net worth individuals in this region.”
Luxembourg’s Minister of Finance, Pierre Gramegna, said, “The launch of BOS Wealth Management Europe is an important occasion. It is the first Singapore financial institution to establish a presence in Luxembourg. The fact that Bank of Singapore has chosen to set up its European hub in the Grand Duchy confirms Luxembourg’s role as one of Europe’s leading wealth and asset management centres.”
Prior to the set-up of BOSWM, Bank of Singapore had been serving its European clients from its Singapore headquarters and through its parent company OCBC Bank’s London office.
Europe has the largest population of ultra-high net worth individuals in 2018 worldwide - 35% of the global population - with an expected increase of 24% over the next five years.