Bank of Singapore launches Europe wealth management unit

Singapore

BANK of Singapore, the private banking arm of OCBC Bank, officially announced the launch of its wealth management subsidiary BOS Wealth Management Europe (BOSWM) on Wednesday. BOSWM, which is headquartered in Luxembourg and has a branch in London, was conceived to serve Europe's growing ultra-high net worth population.

Heading BOSWM is chief executive officer Anthony Adriano Simcic, who will be responsible for the overall strategy, governance, commercial development and implementation of BOSWM's activities in the European Economic Area and the UK. Prior to joining BOSWM, Mr Simcic was the managing director of HSBC Private Bank in Luxembourg. He reports directly to Olivier Denis, BOS's global market head for Singapore, Malaysia and International.

Reporting to Mr Simcic is Liz Bottomley, who is general manager for the UK branch of BOSWM. She joined the London branch of OCBC Bank in November 2018 and was previously head of private banking at Arbuthnot Latham, a boutique private bank in London and a client partner with Coutts's international private banking division.

BOSWM has 30 employees across its two offices and plans to continue hiring strategically. Prior to the set-up of BOSWM, BOS had been serving its European clients from its Singapore headquarters and through OCBC's London office.

According to Knight Frank's 2019 Wealth Report, Europe holds the largest population of ultra-high net worth individuals in 2018 worldwide - 35 per cent of the global population - with an expected increase of 24 per cent over the next five years, said BOS in a statement.

BOS chief executive Bahren Shaari said: "This is an important milestone for Bank of Singapore...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 official opening of BOSWM's business was held on April 1 in Luxembourg and officiated by Finance Minister of Luxembourg, Pierre Gramegna.

Mr Gramegna called the launch of BOSWM "an important occasion".

"It is the first Singapore financial institution to establish a presence in Luxembourg," he said.