OCBC's Bank of Singapore picks Luxembourg for Europe hub
July 16 (Reuters) - Bank of Singapore, the private banking
division of Singapore's second-largest listed lender
Oversea-Chinese Banking Corp, 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
licence for the subsidiary, making it the first Singaporean bank
to set up shop in the country. https://bit.ly/2NjAnXT
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
Five banks including Citibank, JP Morgan and
China Everbright; more than a dozen global asset managers
including Blackstone and Carlyle; 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 centres in the European Union," Bank of Singapore
Chief Executive Officer Bahren Shaar, said.
(Reporting by Noor Zainab Hussain in Bengaluru. Editing by Jane
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