Posted inFRENELUX

OCBC Bank subsidiary opens office in Luxembourg

Bank of Singapore, the private banking arm of OCBC Bank, has launched its wealth management subsidiary, BOS Wealth Management Europe, to build up its client base in Europe.

“Prior to the setting-up of BOS Wealth Management, Bank of Singapore had been serving its European clients from its Singapore headquarters and through its parent company OCBC Bank’s London office,” a spokeswoman told sister publication Fund Selector Asia.

The new Luxembourg-headquartered unit is headed by Anthony Simcic, who was appointed chief executive officer in March 2018 after being poached from HSBC Private Bank.

He is responsible for the overall strategy, governance, commercial development and implementation of BOS WM’s activities in the European Economic Area and the UK, and reports to Bank of Singapore’s global market head for Singapore, Malaysia and International, Olivier Denis.

Further Europe hires planned

Liz Bottomley was appointed general manager of BOS Wealth Management Europe – UK Branch on 2 January 2019, having joined the London branch of OCBC two months earlier. The bank already employs 30 people in Luxembourg and London, made up of front and back office staff, and “plans to continue hiring strategically”, according to a statement.

Bank of Singapore chief executive officer, Bahren Shaari, said: “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.”

The spokeswoman would not disclose the amount and breakdown of managed and advisory European wealth assets “for competitive reasons”.

BOS was created in 2010 following OCBC’s purchase of ING Asia Private Bank a year earlier in the wake of the global financial crisis. In 2016, BOS bought the wealth and investment management business of Barclays in Singapore and Hong Kong, acquiring $13bn (€11.5bn) of assets.

As at 31 December 2018, BOS’s total assets under management was $102bn (€90.7bn), according to the bank’s website.

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