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Asia Today ISSN 1861-4604 Tuesday, January 23, 2018

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Bank of Singapore to use Dubai as base to attract Middle East, Africa wealth

Second-biggest lender OCBC

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Office workers pass an Oversea-Chinese Banking Corp (OCBC) building in the central business district of Singapore January 6, 2014. REUTERS/Edgar Su/Files February 19, 2017 By Tom Arnold and Saeed Azhar DUBAI (Reuters) - The private banking arm of Singapore's second-biggest lender OCBC  is targeting annual growth of assets of more than 20 percent from its new office in Dubai, which it aims to use to attract wealthy clients from the Middle East and Africa, its chief executive told Reuters on Sunday.

Bank of Singapore launched the office on Sunday in the Dubai International Financial Centre (DIFC) after receiving a license late last year to conduct private banking including investment, credit and wealth planning advisory services to its ultra-high and high net worth clients.

“Dubai will be the hub, where we will cover the MENA region and Western side,” Bahren Shaari said in an interview. “This is a pivot for not only the MENA region but also for the West.”

Bank of Singapore is expanding in a competitive market where a number of foreign banks such as Citigroup <C.N> and HSBC (HSBA.L)  operate alongside the private banking units of local banks.

 

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