(Reuters) - Bank of Singapore, the private banking division of Singapore’s second-largest listed lender Oversea-Chinese Banking Corp (OCBC.SI), has set up a wealth management subsidiary in Luxembourg so it can serve European customers, Luxembourg for Finance said.
Luxembourg for Finance, a body which promotes the country’s financial sector, said Bank of Singapore had received the license for the subsidiary, making it the first Singaporean bank to set up shop in the country.
Bank of Singapore currently looks after its European clients from its Singapore headquarters and through its parent company OCBC Bank’s London office.
The bank’s move marks another win for Luxembourg, where a number of big financial services companies have set up subsidiaries in preparation for Britain’s planned exit from the European Union.
Five banks including Citibank (C.N), JP Morgan (JPM.N) and China Everbright; more than a dozen global asset managers including Blackstone (BX.N) and Carlyle (CG.O); and 10 global insurance companies decided to establish or expand their presence in Luxembourg during 2017, the country’s financial development agency said in March.
“Luxembourg, which sits strategically in the heart of Western Europe, is consistently ranked among the top three financial centers in the European Union,” Bank of Singapore Chief Executive Officer Bahren Shaar, said.
Reporting by Noor Zainab Hussain in Bengaluru. Editing by Jane Merriman